Business Services

RBG Holdings PLC

  • Market Cap (£m) 15.6
  • Listing AIM

Company Description

London-based RBG Holdings plc is a legal and professional services group, which incorporates two of the UK's leading law firms, Rosenblatt and Memery Crystal. RBG was incorporated as a holding company in February 2018 to acquire Rosenblatt, one of the UK's leading litigation practices focused on contentious law and dispute resolution, and subsequently listed on AIM in May 2018. The group changed its name to RBG Holdings Plc in 2019 to reflect its increasingly diverse nature, having acquired sell-side corporate finance boutique Convex Capital. The acquisition of Memery Crystal (MC) in 2021, a specialist in non-contentious, corporate and real estate, added significant scale and breadth to its legal services division.

Investment Summary

RBG is a unique professional services group with a diversified revenue base. The transformational acquisition of Memery Crystal (MC) in 2021 broadened the revenue base with a better balance between contentious (Rosenblatt) and non-contentious (MC) work. RGB Legal Services enjoys high margins and strong cash generation with superior returns from dispute resolution and litigation, with industry leading KPIs. The more traditional profit-share approach has been replaced by the issue of equity, which closely aligns management with shareholder interests. We see further scope for bolt-on deals in higher-margin areas and with 'buy and improve' potential. RBG acquired the high-margin, cash-generative, sell-side corporate finance boutique Convex Capital in 2019, which has an excellent track record, consistently delivering good valuations and multiples. RBG is looking to exit LionFish, its third-party litigation finance arm launched in May 2020, which could free up capital for further M&A.

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Company Management Team

  • Jon Divers

    Chief Executive Officer

    Jon Divers joined RBG Legal Services (RBGLS) in February 2022. Prior to this role in Professional Services Jon held a variety of senior management and Managing Director roles in the transport and logistics sector. He has a strong focus on organic revenue growth and margin through cost control and believes all businesses have an opportunity for improved efficiency. Jon’s background in industry has given him a broad range of experience working with international and time sensitive supply chains, union wage negotiations and demanding clients. He believes that these commercial skills transfer well into Professional Services as a sector that is transforming and changing rapidly and is excited by the opportunities that lie ahead.

  • Kevin McNair

    Chief Financial Officer

    Kevin McNair joined RBG Holdings in June 2023, initially as Interim Chief Financial Officer. He was appointed to the role permanently in November 2023. Kevin has over 30 years’ experience in financial management and capital markets. He has spent the past 20 years as CFO of various publicly quoted and privately equity-backed businesses, primarily in the professional services and industrial services sectors. Kevin’s focus has been on transforming the performance of people-based businesses and improving their financial stability. He has worked closely with the institutional investment and corporate banking communities in the UK and across Europe for more than two decades. He has also worked extensively in heavily regulated industries. He believes that RBG can be a key player in the rapidly changing environment of legal services

Key Dates

Jun 2021
17th
AGM
Actual
Jul 2021
16th
Q2 TU
Actual
Sep 2021
15th
Interims
Actual
Jan 2022
28th
Q4 TU
Actual
Apr 2022
20th
Finals
Actual
Jun 2022
23rd
AGM
Actual
Jul 2022
18th
Q2 TU
Actual
Sep 2022
13th
Interims
Actual
Dec 2022
5th
Q3 TU
Actual
Jan 2023
31st
Q4 TU
Actual
Apr 2023
26th
Finals
Actual
Jun 2023
22nd
AGM
Actual
Jul 2023
27th
Q2 TU
Actual
Sep 2023
28th
Interims
Actual
Dec 2023
18th
Q4 TU
Actual
Apr 2024
30th
Finals
Actual
Jun 2024
22nd
AGM
Estimate
Jul 2024
27th
Q2 TU
Estimate
Sep 2024
28th
Interims
Estimate
Dec 2024
18th
Q4 TU
Estimate