Nicola Foulston took Rosenblatt public in 2018
RBG Holdings, the listed group that owns law firms Rosenblatt and Memery Crystal, has terminated the contract of its chief executive with immediate effect.
In an announcement to the London Stock Exchange, the group said its board had “lost confidence” in Nicola Foulston “as a result of cultural concerns and the execution of the group’s strategy”.
The board of directors will be restructured and two executive directors will be appointed. They are Tania MacLeod, head of disputes at Rosenblatt, and Nick Davis, senior partner of Memery Crystal, the mid-market firm acquired by RBG in 2021.
Jon Divers, the group’s current chief operating officer, will be appointed as acting CEO. Suzanne Drakeford-Lewis will continue as its finance director.
Foulston joined Rosenblatt as chief executive in 2016, leading the firm to market two years later and becoming the UK’s fourth listed law firm.
Despite her departure, the announcement said the group’s trading has been “robust”. It expects to post revenues of £49.5 million and adjusted pre-tax profit of £6.9 million for 2022 — in line with “consensus market expectations”.
Shares in the group have fallen since the announcement and it’s currently trading at 56p.