REG-Next 15 Group plc Statement re Mach49 LLC

Next 15Announcement

25/06/2025 16:30

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Statement re Mach49 LLC

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET
ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

Next 15 Group plc

("Next 15")

Statement RE: Mach49 LLC ("Mach49")

Next 15, the tech and data-driven growth consultancy, has been working to
assess the final earnout payment due to be made in connection with its
acquisition of Mach49. Through this process, Next 15 has become aware of
potential serious misconduct concerning the Mach49 business.

As a consequence, Next 15 has terminated the employment of three members of
the senior management at Mach49 – Linda Yates, Russ Lampert and Paul
Holland. David Charpie, currently co-CEO of Mach49, will become sole CEO with
immediate effect.

Next 15, on behalf of Mach49, is in the process of reporting the matters to
relevant law enforcement agencies. It is too early to know the outcome, but
Next 15 will ensure that full co-operation is provided to those agencies.

As a result of the potential misconduct, Next 15 will not make any further
payment to Mach49's selling shareholder under the earnout agreement. The
ultimate earnout position may only be finally determined following the outcome
of legal proceedings.

Next 15 will make further announcements as appropriate.

Enquiries:
 Next 15 Group plc                                                
 Deutsche Numis (Nomad & Joint Broker)      + 44 (0)20 7260 1000  
 
                                                                
 
Mark Lander                                                     
 
                                                                
 
Hugo Rubinstein                                                 
 
                                                                
 
George De Felice                                                
 
                                                                
 
                                                                
 Berenberg (Joint Broker)                   +44 (0)20 3207 7800   
 
                                          
                     
 
Ben Wright                                
                     
 
                                          
                     
 
Mark Whitmore                             
                     
 
                                          
                     
 
                                          
                     
 
                                          
                     
 
Brunswick – for media enquiries           
                     
 
                                          
                     
 
Paul Durman                               
+44 (0)7793 522824   
 
                                          
                     
 
Imran Jina                                
+44 (0)7587 037076   
 
                                          
                     
 
                                          
                     
 
                                          
                     
 
MHP Group – for investor enquiries        
                     
 Oliver Hughes                                                    
 
                                          
                     
 
Eleni Menikou                             
+44 (0)7885 224532   
 
                                          
                     
 
Veronica Farah                            
+44 (0)7701 308818   
 
                                          
                     
 
                                          
                     


The person responsible for making this announcement on behalf of Next 15 is
Mark Sanford, Company Secretary.

Background

On 1 September 2020, Next 15 acquired Mach49 as part of plans to create an
innovation business. On 23 February 2022, Next 15 announced that Mach49 had
signed a material five-year contract, resulting in a significant increase in
the earnout payable to the vendors of Mach49. Subsequently, on 6 September
2024, Next 15 was notified that Mach49’s contract with its customer had not
been renewed after its initial three-year term and would end on 31 December
2024.

The current earnout liability related to Mach49 in Next 15’s accounts for
the year ended 31 January 2025 is $91.2m.



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Next 15 Group plc


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