Next 15 Communications Group plc, the digital communications group, has acquired Charterhouse Research Limited through its data and insights subsidiary, MIG Global Limited. Charterhouse is a specialist financial market research consultancy.
Charterhouse was founded in 2004 by four market researchers, Julie Irwin, Mark Dennis, Sara McFadzean and Mervyn Flack. Julie will continue to run the business as Managing Director with Mark and Sara continuing in their position as Directors; Mervyn is relinquishing his role as Chairman.
Next 15 are paying an initial consideration of £2.75 million. That is £1.74 million for the business and £1.01 million for the net assets. £2.58 million is being paid in cash with the balance through the issue of 41,598 new ordinary shares.
Further cash payments may become payable based on the profits of Charterhouse for the years ending 31 January 2019 and 31 January 2020. .
For the year ended 31 August 2016, Charterhouse reported turnover of £2.69 million, adjusted profit before tax of £0.59 million and net assets of £0.78 million.
Tim Dyson, CEO of Next 15, commented: “Next 15 is committed to building a deep data and insight capability at its core. Charterhouse is an important step in that strategy, significantly enhancing our financial services offering. The combination of MIG’s technology driven consultancy and data offering with Charterhouse, a leading specialist in financial market research, will help drive deeper and more actionable insights to the financial services industry.”
Application has been made to the London Stock Exchange for the new ordinary shares to be admitted to AIM and it is expected that admission will take place on 29 September 2017. Following the issue and allotment of the new ordinary shares, the Company will have 75,516,196 ordinary shares in issue. No ordinary shares are held in treasury.
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