Connecting Excellence signs first acquisition deal as Spencer Riley revenue jumps 20.6%

Finance Blockchain & Crypto Written by: Ian Lyall 02:43 Tue 01 Sep 2026 --> Proactive has a commercial relationship with Connecting Excellence Group Plc. This article was produced independently under Proactive's Editorial Standards Policy . Disclaimer No investment advice About this content Editorial Standards & Policies Share article About this content × About Ian Lyall Ian Lyall, a seasoned journalist and editor, brings over three decades of experience to his role as Managing Editor at Proactive. Overseeing Proactive's editorial and broadcast operations across six offices on three continents, Ian is responsible for quality control, editorial policy, and content production. He directs the creation of 50,000 pieces of real-time news, feature articles, and filmed interviews annually. Prior to Proactive, Ian helped lead the business output at the Daily... Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists. Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth. We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors. The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies. Use of technology Proactive has always been a forward looking and enthusiastic technology adopter. Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows. Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation. Connecting Excellence Group Plc ( AQSE:XCE OTCQB:XCELF ) View Price & Profile Connecting Excellence signs first acquisition deal as Spencer Riley revenue jumps 20.6% Published: 02:43 01 Sep 2026 EDT Connecting Excellence Group Plc (AQSE:XCE, OTCQB:XCELF) has signed binding terms for its first recruitment company acquisition, alongside a trading update showing strong growth at its flagship operating business. The AQSE-listed executive recruitment group, which runs a Bitcoin treasury strategy alongside its recruitment operations, has agreed to buy two UK-registered companies that trade as a single specialist construction and engineering recruitment business. The targets generated combined revenue of £1.79 million in the twelve months to 30 June 2026, up 21.5% year-on-year, with EBITDA of £431,000. Initial cash upfront is £575,000, but with £425,000 of that settling amounts already owed to the targets, the net cash outflow on completion works out at just £150,000 before transaction costs. The targets also hold 8.216 Bitcoin, which XCE will buy at market value, meaning the cash spent is matched by Bitcoin of equal value landing on the balance sheet at no net cost. A further £60,000 is due in 2028, with the rest of the consideration deferred and linked to EBITDA performance over three years to the 2029 financial year. XCE said it expects to keep between 75% and 85% of cumulative EBITDA generated over that earn-out period. On trading, Spencer Riley, the Group's flagship recruitment business, grew unaudited revenue by 20.6% to £1.84 million in the twelve months to 30 June 2026. The company has also beefed up its Bitcoin treasury, adding a further 10 BTC since the period end to take total holdings to 72.94 BTC, worth £4.2 million. Spencer Riley is preparing to launch a dedicated private equity and leadership recruitment division, having hired Jamie Waugh to lead the push into C-suite appointments for private equity portfolio companies. Chief executive Scott Ellam said the deal would serve as the template for future acquisitions, pairing two profitable companies worth £1.79 million of revenue and £431,000 of EBITDA for a net cash outflow of roughly £150,000. Ellam said thousands of profitable, owner-managed recruitment firms in the UK and beyond lack a clear exit path, with private equity out of reach for most and trade buyers scarce. He said XCE's Bitcoin holding had grown from 9.27 BTC at its December 2025 float to almost 73 BTC, and that the pipeline of potential acquisitions kept building. Continue reading