cross-country eliminator

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

Connecting Excellence Group has signed binding Heads of Terms to acquire two UK-registered construction and engineering recruitment firms operating as a single brand, with combined revenue of £1.79 million and EBITDA of £431,000 for the year to 30 June 2026, financed by an initial £575,000 cash payment and a net cash outflow of about £150,000 after settling debts; the targets hold 8.216 Bitcoin transferred on a no-net-cost basis at market value. Spencer Riley posted a 20.6% revenue gain to about £1.84 million, while XCE’s Bitcoin holdings rose to 72.94 BTC, and the deal includes an earn-out linked to EBITDA through FY29 with further payments due in 2028, alongside plans to expand into private equity leadership recruitment.