11th Jan 2016 09:00
LONDON (Alliance News) - NAHL Group PLC on Monday said it has struck a deal to acquire conveyancing search provider Searches UK for GBP2.0 million.
Based in Hove, Sussex, Searches provides conveyancing search services in England and Wales, focused on residential property transactions.
NAHL, which owns the National Accident Helpline business, will integrated Searches into its existing conveyancing business, Fitzalan Partners, which it acquired in February 2015. Searches recorded adjusted profit before taxation of GBP300,000 in the financial ended March 31, 2015.
NAHL will pay GBP1.7 million upfront in cash, with the balance to be paid by June 30 based on Searches UK meeting certain conditions. It said the acquisition will be funded from existing cash resources and is expected to be immediately earnings enhancing.
"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," said Russell Atkinson, NAHL's chief executive.
NAHL shares were up 1.3% to 225.16 pence on Monday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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