Next 15 Group (NFG): Mach49 arbitration and going concern
This situation live
NFG Next 15 Group
7 May 2026 · Arbitration ongoing; going-concern material uncertainty · −2% until the next step
However, the outcome of the arbitration, which is expected to be known within the next 12 months, is inherently difficult to predict.
8 Jul 2026 · Arbitration ongoing; legal position unchanged · +16% until the next step
The Mach49 arbitration remains ongoing and the Company maintains its position regarding the non-payment of the remaining earnout and has counterclaimed for previously paid earnout payments.
8 Oct 2026 · Hearing completed; awaiting ruling · +9% since
The hearing has now completed, and the Group is awaiting an outcome.
Mach49 arbitration and going concern
Hearing completed; awaiting ruling
Next: Arbitration ruling expected within this financial year
Every step · 3
- 7 May 2026 Arbitration ongoing; going-concern material uncertainty – However, the outcome of the arbitration, which is expected to be known within the next 12 months, is inherently difficult to predict. ↗
- 8 Jul 2026 Arbitration ongoing; legal position unchanged – The Mach49 arbitration remains ongoing and the Company maintains its position regarding the non-payment of the remaining earnout and has counterclaimed for... ↗
- 8 Oct 2026 Hearing completed; awaiting ruling – The hearing has now completed, and the Group is awaiting an outcome. ↗
What is happening
Next 15 Group: Mach49 arbitration and going concern – Hearing completed; awaiting ruling. ['Hearing completed; awaiting ruling']
- In short
- Mach49 earnout arbitration led to a going-concern material uncertainty in May 2026. The hearing has now completed and the Group awaits an outcome, which the CEO expects within this financial year. The Group still withholds the remaining earnout, has counterclaimed for amounts already paid, and its view of its legal position is unchanged. Litigation costs drove the H1 statutory loss.
- Announced
- 7 May 2026 · Arbitration ongoing; going-concern material uncertainty
- Latest
- 8 Oct 2026 · Hearing completed; awaiting ruling
- Forum
- Arbitration with former Mach49 members
- Company position
- Withholds remaining earnout; counterclaims for earnout already paid
- Board view
- Assessment of strength of legal case unchanged
- Decision date
- Ruling expected within this financial year
- Status
- Hearing completed; awaiting outcome
What comes next
Arbitration ruling expected within this financial year.
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
Also at Next 15 Group 1 open
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Capital returnReturn of capital – proposed · closed
Next 15 Group – company page →