It's An Ill Wind...
As the saying goes, "it's an ill wind that blows nobody any good". This certainly appears to be the case for Avalon, a firm of solicitors based in Warrington.
Whilst those of you who hold underperforming endowment policies may be wondering how to pay off the shortfall, Avalon are doing rather well out of the crisis.
Avalon is headed by former TV presenter, Andrew Nulty, and has recently opened a second office. Its turnover is now £5m for the 12 months to the end of July.
Mr Nulty, who presented "Hitman and Her" before setting up Avalon in Manchester four years ago, is confident that fee income will reach £15m over the next year as the firm's caseload is expected to increase.
Avalon switched from being a personal injury practice, to one specialising in industrial disease (eg mining compensation claims) and financial negligence cases.
Mr Nulty is leading a team of 30, who are acting for thousands of people who claim to have been mis-sold endowment policies.
"We saw a niche in the market. We are representing thousands of people who are facing shortfalls on their endowment policies.
Our role is to recoup their losses from the insurance companies, and we take a percentage of the money they receive as a fee."