The study of multiple systems and their link with the presence of discs around their components is key to understanding the evolution of low-mass pre-main sequence stars. Although there are indications that high-multiplicity systems are much more frequent among very young stars, until now, only a few of these young low-mass stellar systems have been confirmed. Here, we present high spatial resolution i band imaging of the system formed by LkHα 262 and LkHα 263, in the MBM12 cloud. It was obtained during the first commissioning period of the Adaptive Optics Lucky Imager (AOLI) at the 4.2 m William Herschel Telescope, using its Lucky Imaging mode. The multiple system LkHα 262/263 is composed of four low-mass very young M-type stars and some discs, including an edge-on disc around LkHα 263C. The AOLI data combined with previously available and newly obtained optical and infrared imaging show that the three components of LkHα 263 are co-moving, that there is orbital motion in the AB pair (0.41arcsec separation), and, remarkably, that LkHα 262-263 is a common proper motion system with a less than 1 mas/yr relative motion. According to BT-settl models the mass of each of the five components is close to 0.4 M and the age is in the range 1-2 Myr. We also give marginal evidence of a cooler companion to LkHα 262, at less than 0.15 arcsec, turning LkHα 262-263 into a five-component likely gravitationally bounded system. The presence of discs in some of the components offers an interesting opportunity to investigate the formation and evolution of discs in the early stages of multiple very low-mass systems.