Stock exchange: Company delisted in 2023
The Financial Conduct Authority (FCA) has charged a City solicitor with five counts of insider dealing.
The FCA alleges that Richard Bloomfield worked on an acquisition of Seraphine Group PLC and used inside information obtained through his role to deal in the company’s shares on five occasions between 28 March 2022 and 10 January 2023.
Mr Bloomfield, 38, appeared before Westminster Magistrates’ Court and gave no indication of plea.
The case was sent to Southwark Crown Court, and his next appearance will be on 5 August.
Mr Bloomfield has been released on unconditional bail.
The FCA stressed it was not investigating either the law firm, which it did not name but was US firm Goodwin, or Seraphine Group.
On 20 January 2023, Mayfair Equity Partners agreed to acquire the remaining 57% stake in Seraphine Group from shareholders for £8.7m. The offer became unconditional on 8 March.
Goodwin provided legal advice to Mayfair Equity Partners. In a statement, Goodwin said: “We are aware of the charges against our former employee. There are no allegations of wrongdoing by the firm, and we are not a subject of the FCA’s investigation.
“The firm has cooperated fully with the FCA and will not be commenting further at this time given the pending criminal proceedings.”
Mr Goodwin qualified in 2012. According to LinkedIn, he has also worked at Bird & Bird and Herbert Smith Freehills Kramer, and recently became chief legal officer and general counsel at a lawtech company.
Seraphine was a maternity and nursing wear brand that was reportedly a favourite of Catherine, the Princess of Wales.
Founded in 2002, the founder sold it to Mayfair Equity Partners in 2021, which listed it that year, when it was valued at £150m. Mayfair took it private again in 2023, paying a tenth of that, and last year fell into administration.
The brand and intellectual property was sold to Next for £600,000.