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Plexus Law management buyout from Parabis funded with £4.2m from new British challenger bank

The management buyout of insurance defendant claims firm Plexus Law from the now defunct Parabis Group was supported by £4.2 million of debt finance from new British challenger bank OakNorth Bank, which is backed by Mambu, the SaaS banking platform provider.

‘NewLaw’ provider Parabis Group – which was acquired in 2012 by private equity house Duke Street Capital – went into pre-pack administration at the start of this week (22 November) and is being broken up seven ways led by restructuring consultants AlixPartners.

Plexus’ management buyout team includes Parabis Group’s founders, Andrew McDougall, Nick Addyman and Tim Roberts, who were enabled to go ahead with the deal thanks to funding from OakNorth, a new British bank for small and medium sized growth companies.