Connecting Excellence Group Acquires James Gray Recruitment with Bitcoin-Backed Deal

Connecting Excellence Group, a listed recruitment company, has acquired James Gray Recruitment and its sister firm, James Gray Engineering, in a unique deal that combines Bitcoin treasury strategy with a deferred payment structure. The initial cash payment of £575,000 was partially funded by transferring £425,000 to shareholders, resulting in a net outflow of £150,000. The deal also included £531,223 for the market value of the Glasgow company’s Bitcoin reserves, valued at £64,657 per Bitcoin for 8.216 BTC. These coins are now part of Connecting Excellence Group’s treasury, increasing its total holding to 81.157 BTC, worth about £5.25 million.

The acquisition was funded through a £600,000 share subscription announced on September 22 and a new revolving credit facility from BitGo, secured against part of the group’s Bitcoin. The facility allows drawings of up to $1.5 million, with interest charged at the secured overnight financing rate plus 2.5%, subject to a 7.5% minimum. The deal is notable as the first of its kind involving a listed company’s Bitcoin treasury.

The two James Gray businesses generated combined revenue of £1.79 million in the year to June 30, 2026, with a 70.9% gross profit margin and EBITDA of £431,000. Scott Ellam, CEO of Connecting Excellence Group, highlighted the strategic fit, noting the target’s profitability, strong brand, and growth potential. He emphasized the group’s model of providing a listed platform for owner-managed recruitment businesses without consolidating their brands.

Richard Samuels, managing director of James Gray Recruitment, expressed enthusiasm about the acquisition, stating it provides greater resources to expand into new markets and invest in the team. The deal includes a further payment of £60,000 due in 2028, contingent on performance in 2027, 2028, and 2029. Connecting Excellence Group expects to retain 75% to 85% of the combined operational cash flow.