Proposed sale of Searches UK Limited

NAHL Group PLC

27 August 2026

 

Prior to publication, the information contained within this announcement was deemed by the Group to constitute inside information for the purposes of the UK Market Abuse Regulations.

27 August 2026

NAHL Group PLC

("NAHL", the "Company" or the "Group")

Proposed sale of Searches UK Limited

NAHL (AIM: NAH), a leading marketing and services business focused on the UK consumer legal market, is pleased to announce that it has reached a binding conditional agreement to sell its non-core, wholly-owned subsidiary, Searches UK Limited ("Searches UK"), to TM Group (UK) Limited ("TM Group") for an enterprise value ("EV") of £1,234,000 on a cash and debt-free basis (the "Transaction").

Background and strategic rationale

Searches UK has been part of NAHL since 2016 and is a leading supplier of residential and commercial property conveyancing searches and services to conveyancers and solicitors in England and Wales. The business has 11 employees. For the year ended 31 December 2025, Searches UK delivered revenues of £3,343,000 and EBITDA¹ of £363,000. EBITDA¹ for the 12 months to 30 June 2026, adjusted for customer churn since the year end and recent cost savings ("Adjusted EBITDA"), was £235,000.

The board of directors of NAHL (the "Board") previously announced that it is actively exploring strategic options to accelerate value for shareholders and is reviewing its capital allocation policy.  Following the sale of the Group's other residential property business, Homeward Legal Limited, in 2023, the Board considers Searches UK to be non-core to the Group's principal focus and as a result, considers the Transaction to be in the best interests of NAHL's shareholders. 

Transaction highlights

The consideration payable by TM Group for the Transaction is based on an agreed enterprise value ("EV") of £1,234,000 for Searches UK. This represents an EV/Adjusted EBITDA multiple of 5.25x. 

The consideration will be payable on completion of the Transaction and will be subject to customary completion adjustments, including to adjust for cash and debt within the Searches UK business and to reflect certain tax and operating payments due. This is expected to result in the Group receiving on completion cash proceeds of approximately £1,122,000, before transaction costs of approximately £75,000.

It is intended that the net proceeds generated from the Transaction will be allocated against the Group's revolving credit facility. This will have a positive impact on the Group's borrowing costs.

Next steps and timing

In addition to other conditions customary for a transaction of this nature, completion of the Transaction is conditional upon satisfaction of certain regulatory approvals, including the approval of the Competition and Markets Authority (the "CMA Condition"). Accordingly, there can be no certainty as to the timing of the completion of the Transaction nor as to the CMA Condition being satisfied. While it is currently anticipated that the Transaction will complete no earlier than 1 October 2026, the long-stop date for the completion of the Transaction is 26 January 2027. A further update will be provided in due course.

In addition to the Transaction, the Board continues to review other options to accelerate value for shareholders as well as its capital allocation policy. The Board recognises the uncertainty caused by this ongoing review process and is striving to reach a positive conclusion. In so far as is possible, further updates will be provided by the Board in due course.

As previously stated, NAHL expects to announce its unaudited interim results for the six months ended 30 June 2026 in late September 2026.

James Saralis, CEO of NAHL, commented:

"We are delighted to announce that we have reached a binding conditional agreement for the sale of our Searches UK business to TM Group. Searches UK is a great business with a fantastic team but is no longer core to our principal activities. As a result, we are confident that now is the right time for TM Group to take the business forward.  

"This sale aligns with the long-term interests of our shareholders, customers, employees and other stakeholders, and is in line with our work to accelerate value for shareholders.  We are confident that under its new ownership, Searches UK will uphold its customer and colleague-first approach, and we wish the new owner and staff every success for the future."

¹ EBITDA represents unaudited earnings before interest, taxation, depreciation and amortisation.

For further information:

NAHL Group PLC James Saralis (CEO) Chris Higham (CFO)	via FTI Consulting Tel: [phone]
Allenby Capital (AIM Nominated Adviser & Broker) Jeremy Porter/Vivek Bhardwaj (Corporate Finance) Amrit Nahal/Kelly Gardiner (Sales & Corporate Broking)	Tel: [phone]
FTI Consulting (Financial PR) Amy Goldup	Tel: [phone] [e-mail]

Notes to Editors

NAHL Group plc (AIM: NAH) is a leader in the Consumer Legal Services market. The Group provides services and products to individuals and businesses through its two divisions:

· Consumer Legal Services provides outsourced marketing services to law firms through National Accident Helpline and claims processing services to individuals through National Accident Law, Law Together and Your Law. 

· Critical Care provides a range of specialist services in the catastrophic and serious injury market to both claimants and defendants through Bush & Co.

More information is available at www.nahlgroupplc.co.uk, www.national-accidenthelpline.co.uk,

www.national-accident-law.co.uk and www.bushco.co.uk.

 

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