RBG Holdings says it has creditors’ support after ‘insolvency’ claim
RBG Holdings PLC on Friday said it continues to trade and has the support of its principal creditors, after its founder alleged the company is ‘insolvent’.
The London-based legal services group said it appointed financial advisers in the fourth quarter of 2024 to assist with discussions with its lender ‘which are now well advanced’.
The company said if it reaches an agreement on the terms currently being negotiated, it will have sufficient cash headroom ‘for the foreseeable future’.
RBG Holdings will have to explore alternative financing options ‘immediately’ if it cannot reach an agreement with its principal creditors.
The company said it was responding to ‘speculative comments which have appeared recently in the press’, after The Times reported that fired founder Ian Rosenblatt said RBG ‘is (and has been for a considerable period of time) insolvent’.
The company attributed the firing, effective immediately, to ‘offensive behaviour’ and breaches of contract.
Rosenblatt on Wednesday said the claims against him are ‘substantially untrue and defamatory’.
RBG Holdings has alleged Rosenblatt bought another law firm monitored by the Solicitors Regulation Authority, before making various demands to RBG. The chronology renders negotiations between the founder and RBG Holdings ‘in bad faith’, the company said.
Shares in RBG Holdings were down 4.8% at 1.00 pence in London on Friday. They have fallen 61% in the last five days, amid the firing scandal.
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