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Litigation funder Vannin Capital eyeing multi-million pound London float

Litigation funder Vannin Capital is working with advisory firm Evercore on plans for a London float that could value it at close to £1bn.

Sky News reports that the litigation funder is working with investment advisory firm Evercore on a potential float and is close to appointing banks Barclays and Jefferies as underwriters on the deal.

Vannin, which was set up in 2010, lends money to parties pursuing lawsuits and takes a slice of any settlement they receive.

Read more: Burford shares rocket by 29 per cent following profit surge

Its chief executive Richard Hextall revealed that Vannin was examining an initial public offering (IPO) earlier this year in an interview with The Times.

"We believe the litigation spend in our markets – the UK, Australia and the US – to be around $20bn, but third-party funding is only 1-to-3% of that, so there is a lot of room for growth," he said.

Fellow litigation funder Burford Capital saw its share price rocket this year after unveiling a stellar set of results to the stock market.

Meanwhile City law firm Rosenblatt is planning to go public in London next month, with the litigation market a key part of its plans.

Read more: Rosenblatt confirms it will be the fourth English law firm to go public

Its chief executive Nicola Foulston said “Dispute resolution is a growing market with London set to remain the biggest international centre for this work.”

The firm is understood to be planning on using some of the proceeds from the float to fund litigation cases, having previously worked with ligation funder Doorway Capital.

Vannin and Evercore were approached for comment.

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