A settlement has been reached between the listed City firm Rosenblatt Group – now RBG Holdings plc – and its former chief executive.
In a statement to the London Stock Exchange this morning, RBG, which incorporates Rosenblatt and Memery Crystal, said the agreement had settled all outstanding matters between the parties.
It added: ‘The parties reflected on their respective statements of case and engaged in alternative dispute resolution.’
As part of the settlement, RBG will pay Nicola Foulston’s management company Velocity Venture Capital Limited £500,000 in 12 equal monthly instalments. £200,000 of the sum is agreed damages for breach of contract and £300,000 for legal costs incurred by Foulston and her company in relation to the settlement.
The total stated value of the claims submitted by Foulston and her company against RBG was in excess of £1.2m.
Foulston and VVC have withdrawn claims of wrongful dismissal and breach of contract by RBG and RBG has withdrawn its allegations of breach of fiduciary duty in its counterclaim.
Foulston was appointed Rosenblatt’s chief executive in 2016 after turning motor sport promoter Brands Hatch Leisure from a £6m business to one which sold for more than $195m. She claimed she was wrongfully dismissed by RBG and that the company acted in breach of contract.
RBG denied all allegations against it and filed a counterclaim for loss and damage caused by alleged breaches of contract.
A case management conference, which was heard remotely, was heard earlier this month.
The statement added: ‘The directors, all of whom are independent of [Foulston] and VVC, consider that…the terms of the settlement are fair and reasonable, insofar as shareholders are concerned.’
Shares in RBG Holdings plc rose 2.44% to 21p on the news.
