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: 

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