Next 15 inks sale of Marker Collective to Avenir for GBP70 million

Next 15 Group PLC on Thursday announced it completed the sale of Marker Collective to Montreal, Canada-based holding and management company Avenir Global.

The London-based business growth consultancy said the disposal values Market at an enterprise value of £70 million on a cash-free debt-free basis.

Net proceeds after transaction cost are expected to be around £67.9 million.

The net proceeds will mainly support investment in Next 15's Track1 business and strengthen balance sheet flexibility, Next 15 said. It left its guidance unchanged for the current financial year running until the end of January.

Next 15 Chief Executive Officer Sam Knights said: "This is an important milestone in the transformation of Next 15. It advances the simplification strategy we set out at our capital markets day in January, unlocks significant value, and is another decisive step towards a simpler, more focused group. Marker is a strong business powered by exceptionally talented people, and I would like to thank the whole leadership team for their contribution to the group. We are confident that, with Avenir as its new owner, it will have the dedicated support and ambition to realise its full potential.

"For Next 15, this transaction sharpens our focus and strengthens our ability to invest behind a smaller number of scalable, high-quality businesses"

Next 15 shares fell 0.8% to 355.00 pence each on Thursday afternoon in London.

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