UK law firm Ince Group has revealed a settlement deal with former chief executive and managing partner Adrian Biles, who was sacked two weeks ago over an alleged conflict of interest.

The London-listed shipping specialist has also reached a deal with another former director, John Biles, its ex-head of finance.

All parties have waived claims against each other as a result.

An Ince statement said the settlements included £670,000 ($719,178) owed to the company by Adrian and John Biles and their associate companies.

“The settlement also includes potential liabilities of the company to the aforementioned parties of around £690,000 related to claims for loss of office, rent and other expenses,” Ince said.

The law firm will hand over £15,000 to each man for loss of office, adding that their interests in shares in the company must be retained until 10 October.

Ince had said on 12 September that Adrian Biles had been “removed” as a director with immediate effect, “as a result of circumstances which may give rise to a conflict of interest between Adrian Biles and the company.”

No further details on this have been given.

Biles had said in July that as part of recent fundraising efforts he would step down as CEO and resign from the board.

The company banked £9.3m from a loan and share issue deal in August.

The share price has tumbled from a high of £1.90 in 2019 to less than five pence now.

New bosses appointed

Donald Brown is the new chief executive and Jillian Watt has been appointed head of finance and administration.

Biles led the takeover of Ince by London law firm Gordon Dadds in 2018, bringing in Hill Dickinson’s head of global shipping Julian Clark the following year as senior partner.

Gordon Dadds had floated on the London exchange in 2017, raising £20m.

A spokeswoman for Ince Group told The Times: “The business has rebalanced itself off the back of the recent equity fundraise and the appointment of new management”.

Brown said: “I am delighted with the quality of the people in the business and note the Ince brand remains as strong as ever.”

Clark has been contacted for comment. He is away from the office until 10 October on work-related travel and then annual leave.