LONDON - RBG Holdings plc (AIM: RBGP), a provider of legal services, announced today that it has terminated the consultancy agreement with Ian Rosenblatt due to breaches of the agreement, restrictive covenants, and offensive behavior. The company has also informed the Solicitors Regulation Authority (SRA) about these matters to prevent any confusion between Rosenblatt Law Limited and RBG Legal Services Limited, which operates under the names "Rosenblatt" and "Memery Crystal."
The Board of RBG Holdings discovered that Rosenblatt acquired 100% of the shares of a company regulated by the SRA to practice as a firm of solicitors, now known as Rosenblatt Law Limited, before a late notification was filed at Companies House on December 20, 2024. This acquisition occurred prior to Rosenblatt's demand for a CEO change at RBG Holdings in late September 2024. Tania MacLeod, who resigned from the Board of RBG Holdings on October 3, 2024, and from RBG Legal Services Limited on January 3, 2025, was also involved with Rosenblatt Law Limited.
The termination comes after RBG Holdings had been negotiating with Rosenblatt to finalize a three-year pay structure in line with extended restrictive covenants set to expire in July 2028. The discussions, according to the Board, were conducted in bad faith as Rosenblatt had already taken control of another legal services firm.
Additionally, RBG Holdings is in the process of discussing a potential refinancing arrangement with HSBC, as the current facility agreement is due to end in December 2025. During these discussions, RBG Holdings' management learned of a previous meeting between Rosenblatt, MacLeod, and a lender, where Rosenblatt reportedly used offensive language.
The Board is now considering options to recover the restrictive covenant and lost revenue anticipated over the next three years and reserves its position regarding MacLeod. A date will be set for the General Meeting requisitioned by Rosenblatt, and shareholders are advised to take no action at this time.
This article is based on a press release statement from RBG Holdings plc.
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