[ARR]
Draft ARR statement at 30 September 2025 — Schedule 7 (earn-out) — prepared by Castellane Holdings Ltd, 3 October 2025
Customer, ARR at 31 Dec 2024 (locked box), ARR at 30 Sep 2025 (Castellane draft), ARR at 30 Sep 2025 (Sellers' alternative), Note
Northgate Retail plc, 1300000, 0, 650000, Contract ended 30 June 2025; sellers count H2 run-off at 50%
Avalon Pharmacies Ltd, 620000, 640000, 640000, 
Calder Vale Water, 540000, 560000, 560000, 
Mirren Logistics Group, 470000, 470000, 470000, 
Hadley Grocery Co-operative, 410000, 430000, 430000, 
Caldera Energy plc, 380000, 380000, 380000, 
Fenland Agri Supplies, 290000, 300000, 300000, 
Oakridge Housing Association, 260000, 270000, 270000, 
Westbourne Insurance, 240000, 250000, 250000, 
Lumen Media Ltd, 210000, 210000, 210000, 
Other customers (30 at locked box, 36 at 30 Sep 2025), 820000, 1590000, 1590000, 
Signed, not yet live: Kestrel Pharma (go-live Nov 2025), 0, 0, 220000, Sellers: signed contracts count under schedule 7 para 2.2
Signed, not yet live: Dunmore Council (go-live Dec 2025), 0, 0, 180000, Sellers: signed contracts count under schedule 7 para 2.2
Southmere Hotels (churned Aug 2025), 360000, 0, 0, Churn since locked box; both parties exclude
Total, 5900000, 5100000, 6150000, 

Earn-out floor (Schedule 7), 5500000
Earn-out target, 6200000
Earn-out on Castellane draft, 0
Earn-out on Sellers' alternative, 3000000