LBG Media buys 75% of social agency Uncovered in £26.8m deal

LBG Media, the Manchester-based group behind LADbible and SPORTbible, has acquired 75% of London creative agency Uncovered for £26.8m, with a further earnout of up to £7m on the table.

The listed social entertainment group has also locked in options over the remaining 25%, exercisable at nine times adjusted EBITDA in each of 2028, 2029 and 2030. That structure ties the founders into three more years of growth before the full exit crystallises.

Uncovered, founded in 2017, is a social-first shop built around TikTok and Instagram content. Its client roster includes Tesco, KFC and Taco Bell. The agency runs around 120 people and took Campaign UK's Social Media Agency of the Year in 2025.

The numbers behind the price: in the year to 31 December 2025, Uncovered posted revenue of £10.2m and adjusted EBITDA of £2.7m, a margin of roughly 26%. Revenue was up more than 80% year on year. Management expects at least 50% revenue growth in 2026 at similar margins.

On the headline EBITDA, the £26.8m for 75% values the whole business at close to £35.7m, or around 13 times. The forward options at 9x signal where LBG expects the multiple to settle once the growth rate normalises.

Founders Chris Cookson and Catherine Orr stay with the business and hold the 25% minority.

Funding came from a mix of cash and debt. LBG drew roughly £17m from a new £50m HSBC UK facility and put in £10m of existing reserves. The group expects double-digit EPS accretion in the first full year.

Solly Solomou, chief executive at LBG Media, said the combination pairs Uncovered's creative work with the group's audience insight, publishing reach and scale, strengthening the proposition for brands chasing relevance with youth audiences.