LONDON, UK: RBG Holdings plc, a group that provides legal and professional services, has announced the completion of the sale of its litigation finance business, LionFish Litigation Finance Limited, to Blackmead Infrastructure Limited, an asset management company.
LionFish finances litigation matters run by third-party solicitors, but RBG decided to divest it last year to reduce its exposure to third-party litigation funding commitments. The sale will bring up to £3.07 million to RBG, which will be used for working capital and debt reduction.
The sale also transfers four of the eight live investments within LionFish, worth £4.05 million, to Blackmead, along with the associated funding obligations of £2.6 million. RBG will retain the other four investments, worth £2.23 million, which are fully funded. The sale will result in a non-cash loss of £0.98 million for RBG.
RBG’s CEO, Jon Divers, said that the sale will allow the group to focus on its core businesses of Rosenblatt and Memery Crystal, which offer legal services, and Convex Capital, which offers M&A services.
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