UK: Rosenblatt owner on verge of collapse as rescue talks fail

Law Soc Gazette

he listed owner of law firm Rosenblatt is headed towards administration after rescue talks collapsed, the company admitted today.

RBG Holdings had been in discussions with its founder and biggest shareholder Ian Rosenblatt and one other party about securing a solution for the company, embroiled in a boardroom dispute.

But in a statement to the London Stock Exchange today, the board ‘regrettably’ announced that while discussions with Rosenblatt Law Limited – a new entity co-founded by Ian Rosenblatt – were ongoing, talks with the other party had ceased.

The statement continued: ‘Having considered the company’s financial position and the lack of progress regarding the various strategic options explored, it is the board’s view that it is unlikely to be able to secure the funding that it requires in a timely manner to secure the company’s future and so is now taking action to protect value in the business for the company’s creditors and other stakeholders.’

The board added that it had requested a suspension of share trading with effect from this morning.

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