Centaur Media PLC has conditionally agreed to sell Thelawyer.com to Lighthouse Bidco Limited for an enterprise value of £43 million, representing a multiple of 16x FY24 operating profit.
The transaction is conducted on a cash-free and debt-free basis, subject to customary adjustments. The Board plans to consult with shareholders on the potential return of cash following the completion of the transaction.
As of September 9, 2025, Centaur Media reported net cash of £24.5 million. Completion of the deal is expected around the start of October, contingent on the purchaser completing its drawdown of funds.
In 2024, The Lawyer generated revenue of £8.9 million and an operating profit of £2.6 million.
Transaction Highlights:
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The enterprise value of £43 million represents a multiple of 16 times FY24 Operating Profit |
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The consideration for the Transaction is calculated on the basis of an enterprise value of £43 million on a cash free, debt free basis, subject to customary adjustments in respect of working capital and cash profits to Completion |
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The Transaction follows the sale of MiniMBA by the Group which completed on 18 July 2025. Both disposals are a consequence of the announcement on 12 December 2024 stating that, led by Martin Rowland, Executive Chair, the Board were to review Centaur’s business operations and strategy and to maximise shareholder value |
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Unlocks significant shareholder value and provides cash to the Group for the benefit of all stakeholders. On receipt of the net proceeds from the Transaction, the Board intends to consult shareholders on the approach to return cash to shareholders. As at the close of business on 9 September 2025, the Group had net cash1 of £24.5 million |
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The Board views Legal Benchmarking Group as a compelling strategic acquirer of, and suitable custodian for, the employees and customers of The Lawyer for the next phase of its growth journey
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Completion is expected to occur around the start of October, subject to the Conditions as outlined in this announcement.
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This summary should be read in conjunction with the whole of this announcement, including its Appendices. Certain capitalised terms in this announcement bear the meanings set out in Appendix 4.
Martin Rowland, Executive Chair of Centaur, commented:
“Today’s announcement represents a further significant milestone in Centaur’s pursuit to maximise shareholder value. The Transaction follows the sale of MiniMBA which completed on 18 July 2025 and the previously announced review of the Group’s operations and strategy with a fundamental part of this review being to address the Board’s desire to realise Centaur’s potential and to maximise shareholder value.”
