ME Group Holdings Limited
(“ME Group” or the “Company”)
ME Group announces an update to its Group Strategy as it future focus moves to Legal Process Outsourcing, LegalTech and Litigation Funding.
Today’s announcement follows many months of significant work across the Group in developing the future strategy. The Group now consists of four business divisions:
- ME Outsourcing providing legal process outsourcing to law firms that represent consumers in dispute resolution.
- ME LegalTech providing e-discovery, prospects appraisal and quantum analysis in complex consumer disputes.
- ME Funding providing litigation funding for disbursements in complex consumer disputes.
- ME Investments providing investment for law firms and LegalTech businesses that add value to the ME Group proposition.
As a result of redefining the future strategy of the Group, which includes no longer providing dispute resolution services directly to consumers, the following actions have been taken:
- Winding down of ME Legal and Financial Limited, which traded as Mortgage.Claims. and is a subsidiary of the Group. All clients and trading names having been transferred to Quanta Law. This enables the Group to realise value from the direct facing consumer brand it had built and to refocus the business on Legal Process Outsourcing supporting a wide range of law firms in multiple types of dispute. The Group is currently exploring options for a disposal of ME Legal and Financial Limited as it is not required for the delivery of the future strategy.
- Disposal of Quanta Capital Holdings. With the Group now solely focussed on services relating to consumer dispute resolution a decision has been taken to dispose of Quanta Capital Holdings which is focussed on commercial litigation and matrimonial disputes.
ME Group also announces the appointment of Nigel Quinton as Chief Risk Officer. Nigel is an experienced finance professional that has held senior finance positions in building societies, wealth management and specialist lending firms. He has been the Chief Executive of two building societies and more recently has been advising Financial Services firms, including a new banking start-up, on financial and risk management. Nigel has held significant sector wide roles including Chairman of the Northern Association of Building Societies. His specialisms include all matters financial, governance, risk, lending, treasury and business strategy.
Rob Cooper, co-founder and Chief Executive Officer of ME Group said: “We are pleased to announce the future strategy of the Group. The industry surrounding dispute resolution in complex consumer matters has been subject to a significant period of change in 2019 and consequently we chose to re-evaluate our proposition in order to maximise the opportunities available to us. Today’s announcement is the culmination of many months of work across the ME Group.
These changes enable the Group to widen its offering in terms of the range of disputes we support, and to increase the number of law firms that we partner with. As well as increasing the performance of the Group through the additional services that we now offer.
Also as result of the changes we have announced today the consumers we support in their complex disputes will face a simpler customer journey in which they engage directly with a law firm that is subject to one regulatory regime.
We are delighted to welcome Nigel to the Group as Chief Risk Officer. He brings a wealth of experience and senior level in both governance and compliance, and credit risk. His knowledge and expertise will add great value across the Group, and specifically in respect of our management of credit and investment risks in our operation of ME Funding and ME Investments.’
We look forward to a very exciting 2020.”
The Directors of ME Group accept responsibility for the contents of this announcement.
For further information, please contact:
Rob Cooper, Chief Executive Officer
01625 568 760
Ben Welsh, Media Relations