Industrials & Support Services
RBG Holdings plc
Analysts
Quick links:
Company Description
London-based RBG Holdings plc, formerly known as Rosenblatt Group Plc, was incorporated as a new holding company in February 2018 to acquire Rosenblatt, one of the UK’s leading litigation practices focused on contentious law and dispute resolution. Entrepreneur Nicky Foulston became CEO of Rosenblatt in 2016, pursuing the opportunity to create a unique commercially run professional services group, which then 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 in 2019. The group has embarked on a selective M&A strategy focusing on high-margin professional services companies to reduce reliance on any single income driver. The acquisition of Memery Crystal (MC) in 2021, a specialist in non-contentious, corporate and real estate, has added significant scale and breadth to its legal services division. Strong entrepreneurial management instil a commercial focus to legal and professional services businesses that often have scope to improve profitability. Remuneration aligns management with shareholder interests using equity participation to attract and retain talent.
Investment Summary
RBG is a unique professional services group, with a diversified revenue base and commercially driven management team. The transformational acquisition of Memery Crystal (MC) in 2021 broadens 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 The more traditional profit-share approach has been replaced by the issue of equity, which closely aligns management with shareholder interests.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. LionFish, a third-party litigation finance arm, was launched in May 2020, which leverages its expertise in high-margin contentious cases with good upside potential. We believe that RBG combines a number of attractive features for potential investors under the stewardship of a strong commercial management team with a proven track record.
Recent Content

Diversified revenue stream … and high margin
19/07/2022
RBG is a unique provider and consolidator of high-margin professional services businesses. Strong growth in FY21 and solid […]
Company Management Team
Nicola Foulston
Group Chief Executive
Nicola “Nicky” Foulston took over the commercial management of the pioneering law firm, Rosenblatt in September 2016. In May 2018, the Firm was listed on the Alternative Investment Market of the London Stock Exchange as Rosenblatt Group plc, having raised more than £40 million. Following the acquisition of boutique M&A firm, Convex Capital in September 2019, the Group was renamed RBG Holdings plc. As well as Group CEO of RBG Holdings, Nicky continues to manage Rosenblatt as Chairman/CEO, as well as the Group’s litigation finance business, LionFish Litigation Finance Limited and chairs Convex Capital. Nicky has had a long, successful business career. From 1990, she was CEO of the Brands Hatch Leisure Group (“Brands Hatch”). Initially valued at £6 million, she led transformational changes to the Company’s operations and financial management over the next six years. In 1996, Brands Hatch was floated on the London Stock Exchange and sold three years later to Interpublic for $195 million. At the time Brands Hatch was the largest organiser and promoter of motorsport in Europe. She was subsequently named Veuve Clicquot “Business Woman of the Year” in 1996 and she remains the award’s youngest ever recipient at the age of 29. After Brands Hatch, Nicky ran a family office with private equity investments in the USA and Europe, before joining Rosenblatt. From 2014 to 2018, she was a Board Member of the UK Government’s Industrial Development Advisory Board. Appointed 6 February 2018.
Robert Parker
Chief Financial Officer
Robert Parker has more than two decades of experience in scaling high-growth, multi-cultural, international companies in a variety of industries. These include business services, technology, digital media and telecoms. His recent roles include interim CFO at Tantalum Corp and CLA Limited, as well as permanent positions at Ubisense plc and Immedia Broadcasting plc. During his career, Robert has worked extensively with public funds, private equity, and venture capital investors to build businesses. With an extensive experience of demanding business environments, Robert has considerable knowledge of fundraising, cash and working capital management, business analysis and improvement, cost reduction, M&A and strategic planning, budgeting, forecasting and management reporting. Appointed 11 January 2019.