Northcoders Group PLC (AIM:CODE) entered into an agreement to acquire Tech Returners Limited from Rebecca Ferguson and James Heggs for approximately £1.58 million on February 7, 2023. The initial consideration of £1.33 million will be satisfied on completion by payment of £0.33 million as cash consideration and the issue of approximately 0.32 million new ordinary shares of £0.01 each in the capital of Northcoders. Deferred consideration of £0.25 million is payable twelve months post completion in cash. The cash and deferred consideration will be financed through the Northcoders Group's existing cash and debt resources. Tech Returners is expected to be fully integrated into the Group by Q2 of 2023 and will continue to operate under its existing brand. In its last reported results for the year ended November 30, 2022, management accounts of Tech Returners indicated revenues of over £0.8 million and a breakeven position. The Tech Returners founders, Rebecca Ferguson and James Heggs will join the Northcoders senior leadership team on completion of the acquisition. The completion of the acquisition is conditional on admission to trading of the Consideration Shares which is expected to take place on February 8, 2023. Mike Coe, Darshan Patel and Sarah Mather of WH Ireland Limited acted as the financial advisor to Northcoders Group.

Northcoders Group PLC (AIM:CODE) completed the acquisition of Tech Returners Limited from Rebecca Ferguson and James Heggs in February 2023.