A leading litigation funder has reported further losses despite rising turnover. Accounts filed for Augusta Ventures Limited show that losses for the year ended 31 December 2022 were £1.4m, compared with £262,000 in the previous 12-month period.

Turnover increased by 4.5% to £9.2m but this was offset by administrative expenses going up by 17% to £10.6m. Net liabilities almost doubled to £2.9m as the amount owed to creditors within one year rose by more than £2m to £6.8m.

Augusta is one of the highest-profile litigation funders. It was established in the UK in 2013 as a response to the Jackson reforms. It also has operations in Sydney and Toronto and has provided more than £585m of capital to help claimants bring actions in consumer and commercial disputes. The company was a founder member of the Association of Litigation Funders and says that it has the backing of the world’s largest investment management firms. According to its website, it has funded 252 claims with a 66% success rate.

In 2021, Augusta boasted of having what it called an ‘unprecedented pipeline of opportunities’ in high value litigation and disputes. This announcement followed the successful completion of a £250m third round of fundraising from global investment houses.

The number of employees with the UK company was listed as 38 in December 2022 but according to a report by Bloomberg this number had shrunk to 15 by September. It was reported that five employees from the investment team had left for global litigation firm Omni Bridgeway.

Augusta has not responded to requests for comment.

Augusta's latest results contrast with those of insolvency case funder Manolete, which last week reported a stark turnaround in fortunes. 

 

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