Listed law firm Ince has reached a settlement with its former CEO Adrian Biles and former finance head John Biles following their departures from the firm.
“All parties have agreed to waive all claims against each other” under the terms of the agreement announced on the London Stock Exchange this morning,
These claims include amounts of “approximately £670,000 owed to the Group by Adrian and John Biles and their associate companies”, as well as “potential liabilities of the Group to Adrian and John Biles of approximately £690,000”, the statement said.
The firm said that these potential liabilities to Adrian and John Biles related to “claims for loss of office, rent and other expenses”.
The trading update stated: “A payment of £15,000 will be paid to each of Adrian Biles and John Biles for loss of office and their interests in shares in the Company must be retained until 10 October 2022.”
Shares in the listed firm stood at 4.47p at the time of publication. This is a 92.5% decrease from the valuation of 59.49p recorded on this day in 2021.
After announcing that Adrian Biles would step down as CEO of Ince in July, Adrian Biles was removed as a director by the firm “with immediate effect” earlier this month. The firm’s new CEO is Donald Brown, formerly CEO or Arden Partners.
In addition, Ince also announced earlier in September that “following an expedited process and subject to final approval by the Solicitors Regulation Authority”, John Biles had been replaced as head of finance and administration by Jillian Watt of Zurich Insurance.
John Biles was the firm’s head of finance and administration until earlier this month, while his son Adrian Biles had been Ince’s CEO since their former firm Gordon Dadds acquired Ince & Co in 2019 as part of a “pre-pack administration” deal. This deal was later the subject of a court battle, as former Ince & Co partners claimed the takeover had been “orchestrated”, and was done solely for the benefit of Gordon Dadds and its creditor RBS, at their expense.
John and Adrian Biles and Donald Brown attended a dinner for senior Ince management at a restaurant in Cardiff in May, following which the restaurant’s owner slammed the group’s behaviour to a junior member of staff on social media. He told Law.com International that the group was “loud, obnoxious, rude and disrespectful” during the evening.
Ince had not responded to requests for comment at the time of publication.