Next 15 has acquired market researcher Charterhouse

Digital communications group Next 15 has acquired the entire issued shared capital of Charterhouse Research Limited (Charterhouse) through its data and insights subsidiary, MIG Global Limited (MIG).

Charterhouse, founded in 2004 by four market researchers, will continue to be run by Julie Irwin (one of the founders) as managing director.

The initial consideration for the acquisition was £2.75m, comprising of £1.74m as an upfront payment for the business and £1.01m for the net assets taken.

Tim Dyson, CEO of Next 15, said: “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.”

For the year ending August 31, 2016, Charterhouse reported a turnover of £2.69m, adjusted profit before tax of £0.59m and net assets of £0.78m, and is to be acquired debt-free.

Further consideration could become payable. This is based on the profits of Charterhose for the years ending January 31, 2019, and January 31, 2020.

Managing director of Charterhouse, Julie Irwin, also commented: “We are extremely excited that Charterhouse has joined MIG, a Next 15 company, and are confident that being part of the group will enable us to meet a wider range of the needs of our increasing client base in the financial services sector and further enhance our service offering.

“The whole Charterhouse team looks forward to working closely with the MIG Global team to develop our information collection and delivery solutions to extend our research services and multi-client surveys.”

An 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 September 29, 2017.

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