A listed legal group has failed in its bid to appoint administrators and will wind down operations.
RBG Holdings plc is a professional services group which includes Rosenblatt, a dispute resolution specialist, and Memery Crystal, an international law firm.
Towards the end of January, it requested the suspension of trading on the London Stock Exchange’s junior AIM market ‘pending clarification of the company’s financial position’.
Three days later, on 31st January, it announced its intention to appoint administrators.
However it revealed in a notice to the LSE today: “The board of RBG Holdings plc regrettably has not been able to appoint an administrator to the company or any of its subsidiaries.
“The directors have therefore resolved to proceed with an orderly winding down of the company and its subsidiaries in the coming days.
“Following positive engagement with the SRA (Solicitors Regulation Authority), in the intervening period, the directors will be proceeding with the expedited transfer of all remaining client files to other firms to comply with all SRA duties and responsibilities, and also facilitate a continuing and ongoing service for all clients.”
Rosenblatt, founded by City lawyer Ian Rosenblatt OBE (pictured), went public in 2018 via a £43m IPO.
Nicola Foulston, who had joined Rosenblatt in 2016 as chief executive, led the newly formed RBG Holdings before she was ousted in January 2023 after she was accused of making racist comments at a dinner, with COO Jon Divers taking over.
Later that year Foulston sued RBG for wrongful dismissal, with the firm settling the case for £500,000.
RBG sold LionFish Litigation Finance in July 2023 and sell-side boutique Convex Capital in March 2024.
By the end of January 2025, when trading in its shares was suspended, the group’s market cap was just £1.15m.