The firm left out of the deal to rescue parts of the RBG Holdings business has confirmed it is in the process of closing. Memery Crystal now includes the closure statement at the top of its website after its listed owner earlier gave notice of its intention to appoint administrators.
The London-based firm is a shell of its former self, with dozens of staff finding new employers in recent weeks since it was left out of a rescue deal to sell off the Rosenblatt part of the RBG business.
Global firm Haynes Boone appointed a group of seven capital markets lawyers who had been with Memery Crystal, with City firm Fladgate bringing on board a cohort of nine partners and 16 additional team members.
Haynes Boone last week announced it had recruited another Memery Crystal departee, partner Lesley Gregory. She had held extensive executive management roles within her old firm as well as founding Women in Business Connect, a network bringing together female founders, investors, mentors and directors to foster collaboration. Gregory is now aiming to relaunch the initiative at Haynes Boone.
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Trading in RBG Holdings had been suspended in January and the firm was officially removed from the stock exchange last week with the cancellation of its admission to the AIM market.
RBG bought Memery Crystal at the height of its success in 2021 in a deal which was estimated to be worth £30m. As part of the deal, 29 partners stood to receive a combination of cash and RBG shares for their stake in the London-based firm.
Adjusted annual accounts for the subsidiary RBG Legal Services Limited, which was formerly called Memery Crystal, were published last month covering the year to 31 December 2023. They revealed that revenue fell by 13% to £39m and profit before tax plummeted from £9.25m to just £15,230. Equity holders were entitled to share £7.4m in profits in 2022 but were faced with a £79,000 deficit at the end of 2023.
Rosenblatt and Memery Crystal retained their own brand entities and continued to operate as two separately branded law firms under one umbrella.
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