Up Global Regulatory News (UPGS)

30 June 2023

UP Global Sourcing Holdings plc

"Ultimate Products" or "the Group"

Change of Auditor

Ultimate Products, the owner of a number of leading homeware brands including Salter (the UK's oldest houseware brand, est.1760) and Beldray (est.1872), announces that, following the completion of a competitive tender process, the Board of Directors has appointed PKF Littlejohn LLP ("PKF") as the Group's independent auditor for the financial year ending 31 July 2023. The reappointment of PKF as independent auditor for the financial year ending 31 July 2024 will be subject to approval by the Group's shareholders at the next Annual General Meeting.

The Group's Audit and Risk Committee decided to undertake a formal audit tender process following the end of the FY22 financial period, which represented the most recent yearly set of financial statements audited by BDO LLP ("BDO"). The appointment of PKF follows a recommendation to the Board by the Audit and Risk Committee, following the completion of this formal tender process.

As a result, BDO has resigned from its role as auditor with effect from 13 June 2023. As required by Section 519 of the Companies Act 2006, BDO has deposited a statement with the Group that confirms there are no circumstances in connection with its resignation as auditor that should be brought to the attention of members or creditors of Ultimate Products.

As required by Listing Rule 9.6.1R, copies of the statement and a covering letter to shareholders will be uploaded to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism

For more information, please contact:

Ultimate Products +44 (0) 161 627 1400

Simon Showman, CEO

Andrew Gossage, Managing Director

Chris Dent, Chief Financial Officer

Shore Capital +44 (0) 20 7408 4090

Mark Percy

Malachy McEntyre

Powerscourt +44 (0) 207 250 1446

Rob Greening

Sam Austrums

Oliver Banks

Notes to Editors

Ultimate Products is the owner of a number of leading homeware brands including Salter (the UK's oldest houseware brand, established in 1760) and Beldray (a laundry, floor care, heating and cooling brand that was established in 1872). According to its market research, nearly 80% of UK households own at least one of the Group's products.

Ultimate Products sells to over 300 retailers across 38 countries, and specialises in five product categories: Small Domestic Appliances; Housewares; Laundry; Audio; and Heating and Cooling. Other brands include Progress (cookware and bakeware), Kleeneze (laundry and floorcare), Petra (small domestic appliances) and Intempo (audio).

The Group's products are sold to a broad cross-section of both large national and international multi-channel retailers as well as smaller national retail chains, incorporating discount retailers, supermarkets, general retailers and online retailers.

Founded in 1997, Ultimate Products employs over 370 staff, a significant number of whom have joined via the Group's graduate development scheme, and is headquartered in Oldham, Greater Manchester, where it has design, sales, marketing, buying, quality assurance, support functions and warehouse facilities across two sites. Manor Mill, the Group's head office, includes a spectacular 20,000 sq ft showroom that showcases each of its brands. In addition, the Group has an office and showroom in Guangzhou, China and in Cologne, Germany.

Please note that Ultimate Products is not the owner of Russell Hobbs. The company currently has licence agreements in place granting it an exclusive licence to use the "Russell Hobbs" trademark for cookware (NB this does not include Russell Hobbs electrical appliances).

For further information, please visit www.upgs.com