Stock Exchange announcement
Listed legal business RBG holdings is set to be wound down after it has failed to appoint an administrator.
This latest news comes after the holdings group has broken apart in recent weeks. One of RBG’s firms, Rosenblatt, was effectively reclaimed by former owner Ian Rosenblatt at the end of January, with its second firm, Memery Crystal, losing a raft of partners and associates to rivals since then.
Now, however, the business has taken the next step of announcing it will “proceed with an orderly winding down of the company and its subsidiaries in the coming days”. In a notice to the London Stock Exchange, the board announced that the group has “regrettably” not been able to appoint an administrator.
As for those clients left with Memery Crystal, the group has clarified that it is working with the Solicitors Regulation Authority to limit any disruption. “Following positive engagement with the SRA, 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.”
Back in January trading in RBG’s stock was suspended, closing at 0.89p. The stock hit its all time high back in 2021 at 160p, with the highest figure in 2024 coming in at 13p.
The outfit has been dominating headlines for the past month since the group and its founder and largest shareholder, Ian Rosenblatt, entered into a public war of words. Rosenblatt was accused of breaching his agreements with RBG and being “verbally abusive” towards a lender, with Rosenblatt’s response accusing the group of being insolvent and making “substantially untrue and defamatory” comments about him.
