Next 15 Group (NFG): Blueshirt and BCA disposal

This situation live

NFG Next 15 Group

£338m · 323.0p · −17% since the first step

28 Oct 2025 · Sale agreed; minority stake retained · −24% until the next step Next 15 will retain a minority stake in both businesses and, as part of the Transaction, has been granted put options, enabling it to sell its residual interest to Blueshirt management in due course.

25 Nov 2025 · Portfolio review ongoing; Capital Markets Day scheduled · +21% until the next step Findings from the ongoing portfolio review, including implications for the Group’s future structure, financial ambitions and key performance metrics.

28 Jan 2026 · Review concluding; simplification to continue in FY27 · −27% until the next step We will continue the simplification of the group initiated in FY26, with potential further business divestments during FY27.

7 May 2026 · Portfolio cut from 22 to 11; review ongoing · −2% until the next step We are progressing the time-boxed portfolio review process outlined at the Capital Markets Day, with active work underway across relevant businesses.

8 Jul 2026 · Elvis partial sale agreed; simplification continuing · +16% until the next step The Group has also made further progress against its simplification strategy by agreeing the partial sale of our Track 2 business, Elvis Communications, to Wonderhood Studios.

8 Oct 2026 · Elvis part sale completed; further disposals active · +9% since Simplification continues — Part disposal of Elvis completed in the period, with approximately half of Elvis' revenues retained by the Group, including its profitable digital commerce capabilities; act

Disposal of a part (break-up)

Blueshirt and BCA disposal

Elvis part sale completed; further disposals active

Next: Progress further disposal processes under time-boxed review

Every step · 6

28 Oct 2025 Sale agreed; minority stake retained – Next 15 will retain a minority stake in both businesses and, as part of the Transaction, has been granted put options, enabling it to sell its residual... ↗
25 Nov 2025 Portfolio review ongoing; Capital Markets Day scheduled – Findings from the ongoing portfolio review, including implications for the Group’s future structure, financial ambitions and key performance metrics. ↗
28 Jan 2026 Review concluding; simplification to continue in FY27 – We will continue the simplification of the group initiated in FY26, with potential further business divestments during FY27. ↗
7 May 2026 Portfolio cut from 22 to 11; review ongoing – We are progressing the time-boxed portfolio review process outlined at the Capital Markets Day, with active work underway across relevant businesses. ↗
8 Jul 2026 Elvis partial sale agreed; simplification continuing – The Group has also made further progress against its simplification strategy by agreeing the partial sale of our Track 2 business, Elvis Communications, to... ↗
8 Oct 2026 Elvis part sale completed; further disposals active – Simplification continues — Part disposal of Elvis completed in the period, with approximately half of Elvis' revenues retained by the Group, including its... ↗

What is happening

Next 15 Group: Blueshirt and BCA disposal – Elvis part sale completed; further disposals active. ['Elvis part sale completed; further disposals active']

In short: Portfolio cut from 22 to 10 businesses since the November 2025 review under a Track 1/Track 2 framework. The partial sale of Elvis to Wonderhood Studios is now completed, with about half of Elvis' revenues retained, including digital commerce. Price is undisclosed, and active processes for further disposals continue.
Announced: 28 Oct 2025 · Sale agreed; minority stake retained
Latest: 8 Oct 2026 · Elvis part sale completed; further disposals active
Buyer: Wonderhood Studios
Business sold: Part of Elvis (Track 2); about half of revenues retained
Retained: Profitable core, about half of Elvis' current revenues, including customer experience capabilities
Price: Not stated
Next milestone: Progress further disposals under the time-boxed review; no date stated
Portfolio: Reduced from 22 businesses to 10

What comes next

Progress further disposal processes under time-boxed review.

From the company's own announcements. Not investment advice.

Briefing

Next 15 Group in 4 minutes

Next 15 is an AIM-listed group of marketing, data and technology agencies, with clients such as Google, Amazon and the Department for Education. After the loss of its biggest contract and a misconduct scandal at its...

Act 1A lost contract and a falling margin
Act 2Misconduct at Mach49 and a new CEO
Act 3From 22 businesses to 10

Read the briefing →

Also at Next 15 Group 1 open

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