He said: „Mr Hodgkinson owns 75% of the club`s shares through PURE Sports Consultancy. This company is not part of this action and, as such, is not legally affected. Sandfield is a legal payments financier formed a year ago and Mr. Hodgkinson was co-founder and non-executive chairman. PURE – founded and owned by entrepreneur Phil Hodgkinson – is a collection of law firms and others that handle more than 12,000 new investigations each year in high-volume areas of consumer disputes. NOTE TO EDITORS //PURE The Business Group was created to offer a unique, innovative and collaborative solution for the civil legal sector. Founded in early 2015 by Phil Hodgkinson, the group brings thirty years` experience in the insurance and legal sectors and employs more than 450 people at four locations in the UK. The group includes a number of complementary firms, including a law firm and a law firm structured by ABS, a technology company, a specialist review firm, a claims handling company, and several marketing brands. The unique model focuses on CCA`s non-recourse repayment loans to fully insured clients by a wide range of A-rated insurers and reinsurers. This model allows us to focus our cash flow on growing the business and taking on new cases. It may also bring an action in full and without compulsion against any defendant who refuses to come to the table and settle valid cases in an appropriate and expeditious manner.
Pre-administration costs are estimated at nearly £200,000, including legal fees of £115,000 due to DLA Piper and costs of £25,160 to Fieldfisher for fees and expenses. The joint directors estimate the expenses of the administration at £790,000. The report says lender Novitas owed around £1.85 million in mid-October, after three loan facilities expired without repayment earlier this year. PURE Business Group (PURE), the multidisciplinary legal services firm, today announced a new multi-million pound financing facility with Sandfield Capital. PURE, which currently processes more than 12,000 new instructions each year, hopes the move will significantly accelerate its ability to develop a record number of cases over the next few years. The group, which includes claims firm Pure Legal, collapsed, owing nearly £25 million to lenders and commercial creditors across the legal industry, the administrators revealed. This is the second Liverpool-based legal deal to be reached in a week after personal injury firm Hampson Hughes went bankrupt last week. A receiver of Leonard Curtis was appointed to transfer the files to Recovery First. Sandfield Capital is designed to help individuals pursue legal actions and facilitate their access to justice.
It was launched in 2020 by Steven D`Ambrosio, former CFO at Close Brothers Premium Finance, who has designed and built a number of highly successful businesses in the financial and legal sectors and remains passionate about creating and customizing financing solutions. Sandfield works directly with accredited law firms to ensure that all clients get the best possible outcome, complemented by simple and innovative products that support their legal affairs. The club`s message is that as a company, they are not and will not be affected legally or financially by the news. The president of the Terrier owns several legal entities that have come under administration, but the club has issued a statement confirming that they are not legally affected. Liverpool-based law firm Pure Legal Ltd and several related limited liability companies have been placed into administration, but its 75% stake in Huddersfield Town will be entrusted to a completely separate and legally independent company with limited liability. Pure Sports Consultancy Limited. Sources told Yorkshire Live that players and club staff were made aware of the situation on Wednesday morning after reports surfaced in the legal press. Our thoughts are with the staff of Pure Legal and its affiliates who may be affected by the news. That money should be enough to pay the lenders who forced the company into bankruptcy after waiting for repayment since April. The likely realisation for unsecured creditors – which include lawyers, legal protection insurers and medical experts – is less clear, as administrators do not yet provide advice.
Kroll (then known as Duff & Phelps Ltd) was first engaged by Close Brothers in January 2020 to assess Pure Business Group`s financial situation and then conduct various reviews. In June of this year, Kroll was again tasked with conducting a review of the operational nature of each legal entity in the group. Also in August, a Supreme Court decision on a low-value data breach lawsuit handled by PURE called into question the long-term viability of the practice. The directors` report said PLCC was „already facing some liquidity issues and increasing pressure from creditors“ ahead of Pure Group`s bankruptcy last November, including around £1.8m in arrears accrued to HM Revenue & Customs during the pandemic. Not all of them are active, but they include PURE Litigation Funding, PURE Commercial, PURE Mediation, PURE Investment Management, PURE Sports Consultancy and PURE Legal Costs Consultants. Legal Futures expects 135 employees to remain employed. Phil Hodgkinson, Group CEO, commented: „Today, in our seventh year, I am proud to say that our company continues to grow strongly. Despite the challenges of the global pandemic, we have remained consistently profitable and continue to break case processing records month after month. In addition to the transformative growth in cash register volumes, the new financing agreement allows us to bring innovative new products to market and enter new markets. The future is incredibly exciting for this company and our colleagues in it.
Steven D`Ambrosio, CEO of Sandfield Capital, said: „We are delighted to support PURE in the future.
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