ME Group Holdings Limited
(“ME Group” or the “Company”)
ME Group Holdings Ltd “ME Group” announces that it has appointed Bruce Walker as Executive Chairman following a corporate restructure, which sees the Group prepare for growth post-Covid19, including a significant increase in demand for litigation funding to support complex consumer disputes.
ME Group CEO Rob Cooper said: “The appointment of Mr Walker will strengthen the Group as it seeks to become the platform of choice in the UK for the deployment of capital to consumer litigation funding. Bruce’s appointment enables us to separate out our litigation funding activities from the rest of the business, and ensure we continue to have robust governance structures for the next stage of the Group’s growth.”
“Bruce is a highly experienced leader with a strong financial pedigree, especially in legal services, where he has an established track record in working with credit investors. I’ve been hugely impressed by his grasp of our complex business model and I am confident that as Executive Chairman with overall responsibility for our credit function including chairing the Credit Committee, Bruce will play a major part in delivering the next phase of growth.”
Rob Cooper explained that: “Litigation funding is a fast growth sector in the UK but there is still plenty of headroom and we want to take advantage of increasing interest from global investors in this alternative asset class.”
Bruce Walker said: “I am delighted to be joining ME Group at the start of an exciting new phase in its journey, with strong prospects for fast growth in litigation funding, which is a relatively new asset class in the UK. I look forward to working with Rob and my colleagues on the Board to realise the bold ambitions for the Group.”
ME Group also provides LegalTech to enable law firms handling complex consumer disputes to analyse and validate the prospects of disputes, as well as legal process outsourcing to facilitate the rapid scalability that is often required when dealing with volume consumer disputes. In March the Group also announced a partnership to deliver the first ever securitisation of UK consumer litigation funding.
As a result of this restructure, Shaun Astley Stone, who has been the Non-Executive Chair for the Group since 2018, has agreed to remain on the board as an independent non-executive director, as he steps closer to retirement. Mike Davis who has been the Group’s Chief Financial Officer since 2018 is leaving the Group to pursue the development of his own consultancy business and Matthew Denman is promoted to Group Financial Director.
Rob said with ever increasing interest from credit investors looking to use the Group’s platform to deploy funds to UK consumer litigation funding, it was now essential that the credit functions of the Group were separate to the LegalTech division in order to remove any potential conflict. We’ve grown rapidly from being solely a supplier of LegalTech services to offering an end-to-end platform for consumer disputes, and consequently litigation funding is becoming an ever-larger part of the Group.
He said that the Chief Risk Officer would also now be accountable to the Board, rather than to the Group CEO, to ensure the highest quality governance with clear blue water between risk management, credit management and the services business.
Rob added: “I want to thank Shaun Astley-Stone for his contribution to the Group during the last two years, and I am delighted he has agreed to stay on in a non-executive role, so that we can continue to benefit from his insight and experience. We also wish Mike Davis, who has been instrumental in the rapid growth of the business, every success with his future”
The new appointments are effective from the beginning of September.
The Directors of ME Group accept responsibility for the contents of this announcement.
For further information, please contact:
Rob Cooper, Chief Executive Officer
+44 1625 783160
Ben Welsh, Media Relations
+44 7568 382040