REACH

29 September 2023

DSW CAPITAL PLC

("DSW Capital", "DSW" or the "Group")

(AIM: DSW)

Expansion of DSW Tax Advisory capabilities

DSW Capital, a profitable, mid-market, challenger professional services licence network and owner of the Dow Schofield Watts brand, is pleased to announce that it has supported DSW Tax Advisory's acquisition of STS Europe Ltd ("STS") to bring new, complementary capabilities to the business.

STS advises clients, including UK-resident non-domiciles, on matters such as inheritance tax, trusts and offshore structures, and also assists offshore banks and trust companies throughout Europe with UK tax issues and is one of the leading firms of its type in the North.

STS will be integrated under the DSW Tax Advisory brand, taking its Fee Earners to three.

The acquisition of STS takes DSW's total Fee Earners to 105, operating from 10 locations across the UK.

James Dow, Chief Executive Officer, said:

"I am delighted to welcome Andrew Robinson to DSW. Tax advisory is a target area of expansion for the Group, enabling enhanced cross referral, particularly for Corporate Finance and Wealth Advisory where tax advisory is highly relevant. Referrals are a key element behind of the success of our network and help to drive the organic growth of the Group. Referrals in FY23 comprised 14.2% of Network Revenue and we expect this to grow as we focus on strengthening the depth and breadth of our services."

Dave Waddington of DSW Tax Advisory said:

"STS has built a strong reputation for its work with high-net worth clients and offshore trusts. The acquisition brings new expertise to DSW Tax Advisory and enables us to expand the range of services we offer our clients."

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About DSW Capital

DSW Capital, owner of the Dow Schofield Watts brand, is a profitable, mid-market, challenger professional services network with a cash generative business model and scalable platform for growth. Originally established in 2002, by three KPMG alumni, DSW is one of the first platform models disrupting the traditional model of accounting professional services firms. DSW operates licensing arrangements with 24 licensee businesses with 105 fee earners, across ten offices in England and two in Scotland. These trade primarily under the Dow Schofield Watts brand. It also operates Pandea Global M&A, an international corporate finance network covering 33 different countries.

DSW's vision is for the DSW Network to become the most sought-after destination for ambitious, entrepreneurial professionals to start and develop their own businesses. Through a licensing model, DSW gives professionals the autonomy and flexibility to fulfil their potential. Being part of the DSW Network brings support benefits in recruitment, funding and infrastructure. DSW's challenger model attracts experienced, senior professionals, predominantly with a "Big 4" accounting firm background, who want to launch their own businesses and recognise the value of the Dow Schofield Watts brand and the synergies which come from being part of the DSW Network.