REG - Norman Broadbent PLC - Acquisition And Total Voting Rights

Norman BroadbentAnnouncement

25/02/2026 07:00

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RNS Number : 2523U  Norman Broadbent PLC  25 February 2026

 

 

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR
MAY HAVE QUALIFIED AS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE
MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018

 

Norman Broadbent plc

("Norman Broadbent", the "Group" or the "Company")

 

Acquisition

And

Total Voting Rights

 

Society Limited

 

Norman Broadbent (AIM: NBB), a leading Executive Search and Interim Management
firm, is pleased to announce the acquisition of Society Limited ("Society"), a
specialist UK based executive search firm on a cash and debt free basis (the
"Acquisition").

 

Established in 2010 and headquartered in London, Society is a provider of
executive search and related services and is a certified B Corporation. It has
developed specialisms in placing Board level positions in the third sector,
including not-for-profit, charities, education and public sector
organisations, and in the Travel & Hospitality sector. The business is
being acquired with five full-time staff who will remain with the business
post the transaction.

 

Acquisition headlines

 

The acquisition is in line with Norman Broadbent's strategy to complement its
organic growth with disciplined acquisitions where it makes strategic and
financial sense to do so.

 

Society is a highly complementary business addition to the Norman Broadbent
platform, strengthening and deepening the Group's existing capability. The
acquisition:

 

·     accelerates the Group's expansion into the third sector where
Society has an established presence and track record. The third sector has
been identified in Norman Broadbent's M&A mapping as a target sector which
offers attractive growth potential for executive and board search, interim
management and other leadership consulting and advisory services both in the
UK and internationally

·    strengthens the Group's capability in the Travel & Hospitality
sector, deepening and broadening the Group's existing Consumer Markets
practice. It also aligns with the Group's aerospace and aviation specialism
which has demonstrated particularly strong fee momentum over the last 12
months

·     brings an established and well-regarded brand identity based on
long-standing relationships and a strong sense of purpose as illustrated by
its B-Corp status. Reflecting this, whilst the team will be fully integrated,
the Society business will continue to trade under the Society brand post
completion of the acquisition

·    provides the opportunity to expand Norman Broadbent's established
Board Practice, serving plc and private companies, to third sector clients

·      diversifies the Group's revenue mix

·    grows headcount through the cost-effective recruitment of a team of
five, including two established fee earners plus two experienced Principals on
a journey to becoming fully fledged fee-earners.

 

Financial impact

 

·     100% of the issued share capital of Society Limited is being
acquired for a consideration of £33,001 which will be funded through the
issue of 14,194 new shares. The Acquisition is being completed on a debt and
cash free basis

·    the acquisition provides valuable underpinning to current year
earnings expectations and provides an additional platform for future organic
growth. A number of restructuring measures were realised by Society prior to
the Acquisition, and this provides realised cost savings for the Group going
forward

·    Society generated net fee income of £0.7m in each of the last two
financial years to 31 December 2025, and was broadly break-even in the year to
31 December 2025 at the operating level (FY24: (£0.1m)). As at 31 January
2026, gross assets of Society were £0.1m(1).

 

Kevin Davidson, CEO of Norman Broadbent, commented: "We are delighted to
welcome Simon and his team to Norman Broadbent. We are excited about the
growth opportunity Society offers and believe the Society business and its
people will do incredibly well on our platform. We have recruited high calibre
individuals with a track record of fee generation in sectors that are
naturally aligned with our long-term growth plans. We have a lot of respect
for their purpose driven approach to business with their Equity, Diversity and
Inclusion focus and ethical business principles at the core of how they work.
We see a very strong cultural fit with our approach and a shared vision of the
opportunity to scale and grow whilst doing business the right way. This is the
first acquisition we have undertaken in the modern era of Norman Broadbent plc
and we remain committed to delivering value for shareholders through our
ambitious growth strategy. We will continue to look at opportunities to bring
high quality people to the business both through organic investment and
disciplined M&A."

 

Simon Lucas, CEO and Founder of Society, commented: "We are excited to be
joining the Norman Broadbent group and see a great deal of synergy with its
purpose driven culture, strong brand identity and the impressive platform they
have built. We are delighted to have this opportunity at this stage of our
journey to benefit from the right support and contribute our growth as part of
Norman Broadbent."

 

Further Information and total voting rights

 

Under the terms of the Acquisition, 14,194 new ordinary shares of 5 pence each
in the Company ("Ordinary Shares") are being issued to the vendor, conditional
on admission ("Admission"). Application will be made for 14,194 new Ordinary
Shares to be admitted to trading on AIM. Admission is expected to become
effective on 3 March 2026.

 

The new Ordinary Shares issued are subject to a lock-up agreement for a period
of 12 months from completion (subject to customary carve-outs, including with
the consent of the Company's nominated adviser from time to time) and a
further 6 months' orderly marketing restriction thereafter.

 

Following Admission, Norman Broadbent plc will have 1,925,688 Ordinary Shares
in issue. All Ordinary Shares shall have equal voting rights and none of the
Ordinary Shares are held in treasury. The total number of voting rights in the
Company immediately following Admission will therefore be 1,925,688.

 

Footnotes

 1  Unaudited management accounts

 

Contacts:

 

 Norman Broadbent plc                                                   Via Gracechurch Group
 Kevin Davidson, CEO
 Mehr Malik, CFO

 Cavendish Capital Markets Limited (Nominated Adviser and Broker)       +44 (0)20 7220 0500
 Julian Blunt, Seamus Fricker, Andrea Callaghan - Corporate Finance
 Jasper Berry, Matt Lewis - Sales / Corporate Broking

 Gracechurch Group (Financial Media & Investor Relations)               +44 (0)20 4582 3500
 Murdo Montgomery                                                       normanbroadbent@gracechurchpr.com (mailto:normanbroadbent@gracechurchpr.com)
 Tommy Bryson
 Anysia Virdi

 

 

About Norman Broadbent:

 

Norman Broadbent (AIM: NBB) is a professional services firm focused on
executive search, senior interim management solutions and bespoke leadership
advisory services working across the UK and internationally.

 

Established as the first UK-headquartered search firm in 1979, the firm has a
40+ year track record of shaping leadership across industries including
Consumer, Financial Services, Industrials, Life Sciences, Investor and TMT.

 

www.normanbroadbent.com (http://www.normanbroadbent.com)

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