Board Changes

Inside Information

This announcement contains inside information for the purposes of the UK Market Abuse Regulations ('UK MAR'). Upon publication of this announcement, this inside information (as defined in UK MAR) is now considered to be in the public domain. The person responsible for arranging the release of this announcement on behalf of the Company is Mr Don Goulding, Executive Chairman.

Distil plc (the "Company")

BOARD CHANGES

Distil plc (AIM: DIS), the owner of premium drinks brands RedLeg Spiced Rum, Blackwoods Gin and Vodka, and Blavod Black Vodka, is pleased to announce the following proposed Board changes as the Company positions itself for its next phase of growth.

Highlights

·    Don Goulding is retiring as Executive Chairman with effect from 14^th August

·    Philip Naughton will assume the position of Non-Executive Chairman with effect from 14^th August

·    David Smith will be appointed as CEO with effect from 17^th August

·    The Company will also seek to bolster the Board with the appointment of an additional independent non-executive director

Retirement of Don Goulding as Executive Chairman

Don Goulding announces that he will step down from the Board of Distil on 14 August 2026. On his retirement, his position will be split, with Philip Naughton becoming Non-Executive Chairman from 14 August 2026, in addition to the appointment of a full-time CEO, detailed below.

Don is retiring from Distil to focus on existing family projects after 16 years with the Company. Having first joined the Board as a Non-Executive Director in 2010, he subsequently became Chairman before assuming the role of Executive Chairman.

During his tenure, Don has played a pivotal role in shaping Distil's strategy and development. He led the creation of RedLeg Spiced Rum, transforming it into one of the Company's flagship brands, successfully guided the business through the unprecedented challenges of the Covid-19 pandemic, spearheaded the Company's strategic investment in Ardgowan Distillery, and recently secured a significant new production and distribution partnership to support future growth in the UK and international markets.

Appointment of Philip Naughton as Chairman

Philip Naughton will assume the position of Non-Executive Chairman on 14 August 2026, having previously joined the Distil board in February 2026 as a non-executive director (announced 28 January 2026).

Philip has extensive corporate experience within the financial services industry, in particular specialising in compliance and governance. Philip was most recently the CEO of a consulting firm. Under his leadership that firm undertook two successful private equity funding rounds.

Proposed Appointment of David Smith as Chief Executive Officer

The Company is delighted to announce the proposed appointment of David Smith as Chief Executive Officer.

David has over 25 years of drinks experience working for IDV, Diageo, the West Indies Rum Distillery and most recently The Oxford Artisan Distillery. David was initially Executive Chairman and then CEO of Fielden Whisky over a 5 year period, transforming it from a founder-led artisanal distillery to a purpose-led business. Securing two rounds of angel investor funding and then in November 2022, merging the distillery with its grain supply partner to create an entity which secured investment from Diageo via its Distill Ventures investment vehicle.

At Diageo he assisted in the launch of RTDs (Ready to Drinks) and built brands in export markets at the West Indies Rum Distillery. David has also been involved in the 0% ABV category, launching and building new brands in the UK market.

It is proposed that Mr Smith will join the Board, subject to the successful completion of the Company's Nominated Adviser's customary due diligence process. A further announcement regarding Mr Smith's appointment will be made once the due diligence process has been completed.

Don Goulding commented:

"As the market begins to recover following a prolonged period of industry-wide challenges, and with a strong strategic production and distribution partner now in place across the UK and export markets, this is the right time for me to step aside.

The Company is well positioned for its next phase of development, and I am delighted that we are strengthening the leadership team by separating the Executive Chairman role and CEO roles. David brings industry experience and a strong track record of building premium drinks brands, while Philip has already made an excellent contribution since joining the Board earlier this year.

I leave knowing the business has a talented team, a strong portfolio of brands and significant opportunities ahead. I wish everyone at Distil every success for the future."

Philip Naughton commented:

"I have greatly enjoyed getting to know the team since joining the Board in February and am honoured to be taking on the role of Non-Executive Chairman at such an exciting point in the Company's development.

Don has provided exceptional leadership and stewardship over the past 16 years. In particular, over the last year he has successfully guided the Company through a number of significant challenges while laying the foundations for the next stage of growth. On behalf of the Board, I would like to thank him for his dedication, vision and commitment to Distil.

I am also delighted to welcome David Smith to the team. David brings extensive experience of the premium drinks industry, most recently the development and successful sale of the Fielden whisky brand. I look forward to working closely with David and the wider team as we build on Distil's strong foundations to support and deliver the Company's next phase of growth."

David Smith commented:

"I have been aware of Distil for many years and I've always been very impressed by their levels of innovation and the quality of their products. Their portfolio has wide consumer appeal and is positioned well for growth against the current trends around affordability. I'm very excited to build on the great platform that Don and the team have created and to take the business on the next stage of his journey"

Further information in relation to David Bradshaw Smith (aged 58) 

In addition to his proposed appointment to the Board, Mr Smith holds or has held the following directorships or partnerships in the past five years:

Save for the information above, there are no further disclosures to be made in accordance with Rule 17, Schedule 2(g) of the AIM Rules for Companies in respect of the appointment.

This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (eu) 596/2014

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