UK Finance Online receives £1m investment from North West Fund for Development Capital
European-backed fund marks 6th investment with cash injection
Financial claims processors UK Finance Online (UKFOL) recently received a £1m investment from The North West Fund for Development Capital (NWFDC), marking the first time a Bolton business has benefited from the fund.
UKFOL was established in 2002 and currently handles claims for mis-sold payment protection (PPI) insurance policies on behalf of consumers, trading as Money Health Check. The high street banks have so far set aside £5.5bn to compensate consumers who were mis-sold the policies, and to date UKFOL claims it has obtained over £19m in compensation on behalf of its customers. The NWFDC is managed by private equity firm YFM Equity Partners and invests upwards of £100,000 in small and medium-sized enterprises based in or relocating to the North West area. The fund is jointly backed by the European Regional Development Fund (ERDF) and European Investment Bank (EIB), and marks its sixth investment with the deal. Managing director of UKFOL, Ges Ratcliffe, said of the deal: “This £1m investment from the North West Fund for Development Capital will enable us to accelerate the growth of our business and employ additional staff to handle quickly and professionally the large number of claims for PPI. We look forward to working with Deborah, Sarah and the YFM Equity Partners team as they help us with our ambitious growth plans.”