NAHL Group (AIM:NAH), the AIM-listed marketing and services business focused on the UK consumer legal market, has agreed to sell wholly-owned subsidiary Searches UK to TM Group (UK) for an enterprise value of £1.23m on a cash and debt-free basis.
Searches UK, a supplier of residential and commercial property conveyancing searches to conveyancers and solicitors in England and Wales, has been part of NAHL since 2016 and employs 11 people.
The business generated revenue of £3.34m and EBITDA of £363,000 for the year ended 31 December 2025, with adjusted EBITDA of £235,000 for the 12 months to 30 June after accounting for customer churn and cost savings, implying an EV/EBITDA multiple of 5.25 times.
NAHL expects net cash proceeds of approximately £1.12m after completion adjustments and before transaction costs of around £75,000, with proceeds earmarked to pay down the Group's revolving credit facility.
The sale follows NAHL's 2023 disposal of Homeward Legal and reflects a Board review of capital allocation aimed at accelerating shareholder value.
"Searches UK is a great business with a fantastic team but is no longer core to our principal activities," said James Saralis, NAHL's chief executive.
Completion is conditional on Competition and Markets Authority approval, expected no earlier than 1 October, with a long-stop date of 26 January 2027.
NAHL is due to report unaudited interim results for the six months ended 30 June in late September.
News Intelligence what this means for the company
NAHL is selling Searches UK, a £3.34m-revenue conveyancing search supplier acquired in 2016, to TM Group for £1.23m enterprise value—a 5.25x EV/EBITDA multiple on adjusted earnings. The deal will net ~£1.12m after costs, earmarked for debt reduction, and follows the 2023 disposal of Homeward Legal as part of a capital-allocation review to focus on core legal services.
The sale removes a non-core, lower-margin asset and generates modest cash for debt paydown, but at a valuation (5.25x adjusted EBITDA) that does not signal distress. The move reinforces management's stated pivot toward core Consumer Legal Services and Critical Care, though the proceeds are immaterial relative to the group's debt position and do not alter the underlying earnings trajectory.
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