Stock exchange: RBG to delist
Listed legal business RBG Holdings is to be wound down after failing to appoint an administrator, it announced to the London Stock Exchange this morning.
At the end of last month, RBG said it had “regrettably” filed a notice of intention to appoint administrators in the wake of the departure of its contentious arm [1], Rosenblatt, to a new law firm set up by founder Ian Rosenblatt.
It was set to delist as a result.
It all followed a stand-off between Mr Rosenblatt and the board of RBG after a period of financial instability [2], with falling turnover and losses, that led to the group retrenching into core legal services.
RBG retained London non-contentious practice Memery Crystal, which was acquired in 2021 for £30m [3].
However, today it said: “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.”
There have already been multiple exits from Memery Crystal, most notably nine partners and 16 other lawyers and staff from the corporate, finance, dispute resolution and real estate teams moving to Fladgate.