Last checked at 11 Jan 2016 07:00
11 January 2016
NAHL Group PLC
("NAHL" or the "Group")
Acquisition of leading conveyancing search provider, Searches UK Limited
NAHL, the leading UK marketing and services business focused on the UK consumer legal market, is pleased to announce the acquisition of Searches UK ("Searches" or the "Company"). The Group is paying £2.01m for Searches made up of an initial cash consideration of £1.66m with a further payment of £0.35m on or before 30 June 2016 dependent on certain conditions being met.
Established in 2008 by Andrew Stenning and based in Hove, Sussex, Searches is a leading conveyancing search provider in England & Wales predominantly for residential property transactions. The Company acts as a service provider to over 140 solicitors and licensed conveyancers providing search information across six core product categories: Local Authority, Drainage & Water, Environmental, Chancel, Planning and Flood. Searches uses a nationwide network of search agents to provide the relevant search reports.
Searches adjusted profit before taxation for the year to 31 March 2015 was £0.3m. The acquisition will be funded from existing cash resources and is expected to be immediately earnings enhancing for NAHL.
Searches will form part of the Group's conveyancing business, Fitzalan Partners ("Fitzalan"). Fitzalan has performed strongly since the acquisition in February 2015 and the integration of Searches will enable the business to offer its customers a comprehensive and tailored service proposition. Fitzalan currently uses a number of additional search providers so, over the course of the next 12 months and beyond, there will be an opportunity to put existing volume through Searches. There is also a very limited overlap between Fitzalan's and Searches solicitor and licensed conveyancer relationship, presenting further growth opportunities for both businesses.
Russell Atkinson, CEO of NAHL, commented:
"Searches is a high quality business and has an excellent reputation within the conveyancing industry and therefore we are delighted that Andrew and his team are joining the Group. As we have stated previously the conveyancing sector remains highly fragmented with significant opportunities to grow market share. The integration of Searches expands Fitzalan's range of services to its customers and the business is ideally positioned to continue winning market share and growing both revenue and profits."
For further information please call:
NAHL Group PLC | via FTI Consulting |
Russell Atkinson (CEO) | Tel: +44 (0) 20 3727 1000 |
Steve Dolton (CFO)
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Investec Bank plc (NOMAD & Broker) Tel: +44 (0) 20 7597 5970
Garry Levin
David Flin
James Ireland
David Anderson William Godfrey |
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FTI Consulting (Financial PR) | Tel: +44 (0) 20 3727 1000 |
Oliver Winters |
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Alex Beagley James Styles
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Notes to Editors
NAHL Group
NAHL Group plc is a leading UK consumer marketing business focused on the UK legal services market. The Group comprises three companies: National Accident Helpline (NAH), Fitzalan Partners (Fitzalan) and Bush & Company Rehabilitation (Bush & Company). NAH provides outsourced marketing services in the personal injury market, Fitzalan provides marketing services in the property market and Bush & Company provides a range of specialist services in the catastrophic injury market.
More information is available at www.nahlgroupplc.co.uk and www.national-accident-helpline.co.uk.