LONDON (ShareCast) - (ShareCast News) - UK marketing and services business NAHL will buy conveyancing search provider Searches UK for £2.01m, it was announced on Monday.
NAHL, which focuses on the UK consumer legal market, said it will pay an initial cash consideration of £1.66m with a further payment of £0.35m on or before 30 June 2016 dependent on certain conditions being met.

Searches is a conveyancing search provider in England and Wales focused on residential property transactions. It provides services to more than 140 solicitors and licensed conveyancers with search information in local authority, drainage and water, environment, chancel, planning and flood.

Searches reported adjusted profit before taxation for the year to 31 March 2015 of £0.3m.

NAHL said the acquisition will be funded from existing cash resources and is expected to be immediately earnings enhancing.

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