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XCE agrees first UK acquisition, absorbing Bitcoin holdings at no cost

Derek Foss · 2026-09-01T16:21:14.167Z

Interesting that a recruitment firm is settling deals partly in Bitcoin rather than pure cash - that's a sign of the times.

XCE agrees first UK acquisition, absorbing Bitcoin holdings at no cost — © IJR

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Connecting Excellence Group plc (XCE) has signed binding Heads of Terms to acquire two UK-registered companies that trade as a single construction and engineering recruitment brand, with combined 12-month revenue of £1.79 million and EBITDA of £431,000 to 30 June 2026. The initial cash consideration is £575,000, of which £425,000 settles debts owed to the targets, leaving a net cash outflow of about £150,000 before costs; a further £60,000 is due in 2028 and the remainder is deferred, linked to EBITDA performance through FY29. The targets hold 8.216 Bitcoin, which XCE will acquire at market value with no premium, offsetting cash outlay as Bitcoin arrives on the balance sheet at no net cost. Spencer Riley, XCE’s flagship, grew revenue 20.6% to around £1.84 million in the same period. Bitcoin holdings rose to 72.94 BTC as of 1 September 2026. Management says the deal could serve as a template for future acquisitions, with expected retention of 75% to 85% of cumulative EBITDA over the earn-out and potential expansion into private equity and leadership recruitment.

XCE agrees first UK acquisition, absorbing Bitcoin holdings at no cost

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