Lease renewal & smaller related party transaction

27 June 2023

UP Global Sourcing Holdings plc

"Ultimate Products", "Company" or "the Group"

 Lease renewal and smaller related party transaction

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 it has agreed terms on a lease renewal for Heron Mill, the Company's 240,000 sq. ft. warehousing facility in Oldham, Greater Manchester ("Lease Renewal").

The property is owned by Heron Mill Limited, of which Simon Showman, Chief Executive Officer of Ultimate Products, Andrew Gossage, Managing Director of Ultimate Products, and Barry Franks, President of Ultimate Products (non-statutory role) are directors. A & T Property Investments Limited, Simon Showman, Barry Franks and his wife, Beryl Franks, are shareholders of Heron Mill Limited. Andrew Gossage and his wife, Tracy Gossage, are directors of, and Tracy Gossage is the sole shareholder of, A & T Property Investments Limited. The lease is for a period of 7 years to 13 April 2030, with annual rent of £387,500, to be reviewed on the fourth anniversary of the commencement of the Lease Renewal.

Simon Showman, Andrew Gossage, Tracy Gossage, Barry Franks, Beryl Franks and A & T Property Investments Limited are related parties of Ultimate Products for the purposes of the Listing Rules. As such, the Lease Renewal, as set out above, constitutes a 'smaller related party transaction' under Listing Rule 11.1.10R. Accordingly, the Company has received written confirmation from its Sponsor that the terms of the Transaction with the related party are fair and reasonable as far as shareholders of the Company are concerned.

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

David Coaten

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 and laundry (NB this does not include Russell Hobbs electrical appliances).

For further information, please visit www.upgs.com