Team of 25 rescued from RBG wreckage by City firm

The carve-up of failed stock exchange-listed group RBG Holdings has continued, with a cohort of 25 moving together to an LLP firm. 

City firm Fladgate today announced the arrival of a team of nine partners and 16 additional team members, all formerly with London firm Memery Crystal. That firm remains part of the RBG group, which has already shed its Rosenblatt subsidiary and applied to appoint administrators.

The Fladgate 25 represent around one third of the staff identified on Memery Crystal’s website. The nine partners moving to Fladgate are Andrew Titmas, Lucie Burniston, Matthew Lindsay, Rumit Nanji, Richard Evans, Liam Bell, Kelly Seal, Nicola Kravitz and Tristan Wark. The additional team members include senior associates, associates, paralegals, administrative staff and a trainee solicitor.

Fladgate says the team’s move will allow members to maintain continuity of service and support for clients from day one.

Grant Gordon, managing partner at Fladgate, said: ‘We are thrilled to welcome such high-calibre partners who are recognised leaders in their respective fields, together with valued associates and support staff following what has been a challenging and uncertain time for Memery Crystal and its people. We are pleased that we have been able to provide some job security at this difficult time for them.

‘This strategic move underscores our ambition, agility, and ability to act decisively and quickly to capitalise on opportunities in line with our growth strategy, reinforcing our position as a leading destination for top legal talent.’

Fladgate’s corporate, finance, dispute resolution and real estate teams have all been bolstered by the new arrivals.

Richard Evans, speaking on behalf of the nine Memery Crystal partners joining, added: ‘We are grateful to Fladgate for acting swiftly and decisively amid the uncertainties of recent developments, ensuring positions for us and several talented colleagues from Memery Crystal.

‘Whilst we are extremely disappointed with how matters have played out at our previous firm in the last few weeks, we recognise this incredible opportunity with Fladgate and look forward to playing our part working alongside our new colleagues to deliver the specialised legal and commercial solutions that clients demand today.’

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.

RBG Holdings shares rose 10.8% to 132.9p following that announcement. But the share price dropped as low as 0.8p last month before trading was suspended, following months of speculation about boardroom disputes and rescue talks. The Rosenblatt section of the group moved to Rosenblatt Law Ltd, which had been incorporated last year, and 40 people transferred to the new practice.

RBG then told the London Stock Exchange on 31 January that it intended to appoint administrators to handle the remainder of the company’s affairs.