FCA Charges City Lawyer With Insider Dealing Over Seraphine Group Shares
The Financial Conduct Authority (FCA) has charged Richard Bloomfield, a former M&A lawyer, with five counts of insider dealing involving the maternity fashion brand Seraphine Group. According to the regulator, Bloomfield used confidential information gained during an acquisition project to trade shares on five occasions between March 28, 2022, and January 10, 2023.
Bloomfield’s Legal Trajectory and the FCA Charges
Richard Bloomfield, 38, appeared before Westminster Magistrates’ Court where he gave no indication of a plea. He has been released on unconditional bail. The case has moved to Southwark Crown Court, with the next appearance scheduled for August 5, 2026, according to the FCA.
Bloomfield’s career has spanned several firms. He qualified in 2012 at Herbert Smith Freehills Kramer and remained there until 2019. He subsequently served as a senior associate at Bird & Bird before joining the US law firm Goodwin Procter. Earlier this year, Bloomfield transitioned to the LegalTech firm SuLe, where he currently serves as chief legal officer and general counsel.
The FCA clarified that neither the law firm involved nor the Seraphine Group are subjects of this investigation. A spokesperson for Goodwin stated, “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 Financial Collapse of Seraphine Group (BUMP)
The assets Bloomfield allegedly traded were part of a volatile trajectory for Seraphine Group, which debuted on the London Stock Exchange in 2021 under the ticker ‘BUMP’. The brand, known for its association with Kate Middleton, initially saw shares hit a high of 300p, reaching a valuation of around £150m.
The company initially raised £56m from investors, but then immediately crashed. By 2022, shares plummeted almost 40 per cent after the company issued a gloomy forecast citing margin and cost challenges, specifically regarding distribution and customer acquisition marketing.
By late 2022, the share price had collapsed by over 90 per cent, trading near 10p.
Mayfair Equity Partners, who originally backed Seraphine, eventually stepped in to take the company private, agreeing to buy the company for £15m. Despite this move, the company entered administration in 2025, appointing Interpath Advisory.
The Next Acquisition and Final Valuation
The cycle of Seraphine’s value ended in late 2025 when retail giant Next acquired the brand out of administration. Next paid £500,000 to acquire Seraphine’s brand name and intellectual property.
The contrast in valuations is stark:
- 2021 Peak: £150m valuation (Public Market)
- 2022 Buyout: £15m (Private Equity)
- 2025 Sale: £500,000 (Distressed Asset Sale to Next)
The FCA told City AM that it will not comment further while criminal proceedings are active. City AM has contacted SuLe for a comment.