Edmonds set for court battle with Lloyds after securing funds

Noel Edmonds backed by litigation funder for HBOS claim

Noel Edmonds backed by litigation funder for HBOS claim

Mr Edmonds has secured support from litigation funders Therium Capital Management, understood to be worth at least £1m, for his own civil case.

The Deal Or No Deal presenter previously admitted that he was nearly driven to "emotional annihilation" after his former business Unique Group was ruined by corrupt HBOS financiers.

He also insisted that his company has a credit facility of around £1.5 million, which he said the firm never reached, saying this was a "matter of record with Lloyds", which took over HBOS in a £12 billion deal in 2008.

"This includes cases that would otherwise struggle to make it to court, given the costs of taking legal action, especially when going against one of the country's largest retail banks".

Edmonds said his lawyer wrote to Horta-Osorio previous year setting out details of his claim, only for it to be forced into mediation where he received a "derisory offer".

Jonathan Coad of Keystone Law, which is running the action, said the funding would deny Lloyds a "logistical advantage". "This left me with no alternative but to start legal proceedings", Edmonds said.

Mediation talks broke down late past year.

Lloyds has set aside £100 million for victims of the fraud at the hands of HBOS Reading staff between 2003 and 2007.

Corrupt financiers from the branch were jailed past year for the £245 million loans scam, which destroyed several businesses, and they squandered the profits on high-end prostitutes and luxury holidays.

Mr Edmonds has suggested that Lloyds chief executive Antonio Horta Osorio knew about the misdeeds of staff at HBOS.

He had previously raised his claim against Lloyds to £300 million, but this has been reduced in recent months.

A spokesman for the bank said: 'Lloyds Banking Group made determined efforts to reach a consensual resolution with Mr Edmonds through mediation late past year, but this was not possible.

'As a formal litigation process has begun it would be inappropriate to comment other than to say his claim will be contested'.

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