Up Global Regulatory News (UPGS)

14 July 2022

UP Global Sourcing Holdings plc

"Ultimate Products" or the "Group"

SOLAR PANEL INSTALLATION AT MANOR MILL, AND UPDATE ON WIDER ENVIRONMENTAL, SOCIAL AND GOVERNANCE ("ESG") PLANS

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), is pleased to announce the installation of solar panels on the roof of Manor Mill, the Group's Grade II listed head office building in Oldham, Greater Manchester.

The initiative, undertaken by NPS Solar, a renewable energy systems company based in Oldham, is part of a wider focus by Ultimate Products on the critically important area of environmental sustainability, and came about as a result of the Group's desire to improve the sustainability of its operations, achieve its net zero targets and mitigate the effects of surging global energy prices. In total, 1,150 panels have been installed, covering approximately 85% of Manor Mill's roof. It is anticipated that the panels will start generating energy later this month and, once at full capacity, are expected to produce 40% of Manor Mill's energy requirements. As a result, the expected payback period for the solar panels is approximately three years.

Ultimate Products will also assess the feasibility of installing solar panels on the roof of Heron Mill, the Group's 240,000 sq. ft. warehousing facility, which is also located in Oldham.

The Group's wider approach to environmental sustainability is focused on the 'four Rs':

- Remove any unnecessary aspect of operations and / or products that are negatively impacting the environment: for instance, the Group has made good progress in removing single-use plastics and polystyrene from its supply chain.

- Replace[1] materials, equipment suppliers or resources with more environmentally friendly solutions: the Group has replaced non-recyclable inner carton packaging items - such as single-use plastics and bubble wrap - with more sustainable materials such as recyclable paper and card.

- Reduce the use of environmentally unfriendly materials and equipment to the minimum requirements: the Group has reduced shipping container and HGV lorry usage by employing software to optimise the filling of shipping containers and the assortment of cartons on pallets.

- Rebalance negative impacts with positive ones if unable to remove, replace or reduce: the Group's efforts in this area include its Plant a Tree initiative, which involves the planting of a tree every time certain products are purchased by consumers. The initiative has seen nearly 500,000 trees planted since inception and has been rolled out across the Group's biggest brands and product divisions, including housewares and electrical. As well as offsetting the Group's carbon use within its wider supply chain (Scope 3), the initiative supports responsible reforestation across a range of global locations, including Madagascar, Kenya and Mozambique.

A strategic ESG plan, with additional long-term targets and KPIs, is currently being finalised by the Group's Board-level ESG committee and will be outlined in the Group's FY22 Annual Report. As part of this plan, the Group has begun to calculate the CO2 emissions in its wider supply chain (Scope 3). As more information is gathered, the Group will be better able to assess the Scope 3 impact of its manufacturing base, enabling it to work towards becoming net zero in the future.

Ultimate Products is also supported by its Environmental Committee, made up of employees across the Group's entire operations, and which serves as an 'ideas generator', where committee members review Group operations and external trends, and seek out solutions that the Board can consider for implementation.

Jill Easterbrook, Non-Executive Director and Chair of Ultimate Products' ESG Committee, said: "Manor Mill's new solar panels are a prime example of Ultimate Products' constant search for ways to reduce its impact on the environment. We are confident that they will also prove to be a great investment, helping us to save money on energy bills.

I am particularly delighted that they could be installed with the help of a local Oldham-based firm, whose stellar work has helped to preserve Oldham's architectural heritage while ensuring our head office meets the needs of the 21st century. While we are pleased with the progress of our environmental initiatives so far, we know there is a lot more for us to do in this area, and we look forward to setting out a more comprehensive ESG strategy later this year."

For more information, please contact:

Ultimate Products +44 (0) 161 627 1400

Simon Showman, CEO

Andrew Gossage, Managing Director

Chris Dent, Finance Director

Shore Capital +44 (0) 20 7408 4090

Mark Percy

Malachy McEntyre

Powerscourt +44 (0) 207 250 1446

Rob Greening

Sam Austrums

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 350 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).

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