Next 15 Group plc (NFG) has completed the disposal of Marker Collective — comprising Archetype, Outcast and Nectar Communications — to Avenir Global for total cash consideration of £70.4 million. The transaction represents a significant step in the Group's simplification strategy, reducing its portfolio from twenty-two businesses to nine. Net proceeds after transaction costs are expected to be approximately £67.9 million, with the Board announcing a £5 million on-market share buyback programme alongside the deal. FY27 guidance for the continuing Group remains unchanged.

Key Points

  • Next 15 Group plc (NFG), a UK-listed marketing technology and communications group
  • Completed sale of Marker Collective to Avenir Global at an enterprise value of £70 million on a cash-free, debt-free basis
  • Net proceeds of approximately £67.9 million expected; pro forma net cash position of approximately £5.6 million at 31 July 2026 following disposal and buyback
  • Investors should watch for further details on the £5 million share buyback commencement and ongoing Track 1 business performance

Marker Collective: What Was Sold and What It Generated for Next 15

Marker Collective was an AI-enabled marketing technology and communications business formed in 2024 by combining three Next 15 businesses: Archetype, Outcast, and Nectar Communications. The combined entity provided technology-led communications services and automated enterprise software solutions across North America, Europe and Asia-Pacific. For the financial year ended 31 January 2026, Marker generated an adjusted operating profit of £9.8 million. The disposal is expected to produce a non-cash profit of approximately £36 million, representing the excess of net proceeds over the carrying value of net assets divested, including attributable goodwill, to be recognised in statutory results for the year ending 31 January 2027.

Next 15's Simplification Strategy: From Twenty-Two Businesses to Nine

The disposal forms part of Next 15's broader simplification strategy, which the Group outlined at its Capital Markets Day in January. Under the Track 1 / Track 2 framework, businesses are assessed for long-term strategic fit; Marker was designated a Track 2 business following this review. The Board concluded Marker would benefit more from a dedicated platform under Avenir's ownership. As a result of a combination of disposals, integrations, and the winding-down of non-core operations, the Group has reduced its portfolio from twenty-two businesses in the last financial year to nine, with management focus now directed towards scalable Track 1 businesses growing on a like-for-like basis in FY27.

Use of £67.9m Net Proceeds: Balance Sheet Strengthening and £5m Buyback

The Group's capital allocation policy, as set out at the January Capital Markets Day, prioritises balance sheet strength and organic investment, followed by value-accretive mergers and acquisitions and shareholder returns. The announcement states the majority of net proceeds will support investment in Track 1 businesses and strengthen balance sheet flexibility. Additionally, the Board intends to deploy £5 million to fund an on-market share buyback programme, with further details to be announced on commencement. Following both the disposal and the buyback, the Group anticipates a pro forma net cash position of approximately £5.6 million at 31 July 2026.

FY27 Guidance Unchanged as Next 15 Refocuses on Core Growth Businesses

Despite the material disposal, the announcement confirms that FY27 guidance for the continuing Group remains unchanged, as previously communicated at the Group's interim results on 8 October 2026. Investors may be watching whether the streamlined nine-business portfolio can sustain like-for-like growth through the remainder of the financial year. A key company-specific risk is the execution of capital redeployment into Track 1 businesses and whether those operations can absorb investment efficiently. GP Bullhound acted as exclusive financial adviser to Next 15 on the transaction, with Deutsche Numis and Berenberg serving as joint brokers.