25 November 2024

DSW CAPITAL PLC

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

(AIM: DSW)

Board Changes and Succession Planning

DSW Capital, a profitable, mid-market, challenger professional services licence network and owner of the Dow Schofield Watts and DR Solicitors brands, announces the following board changes and details of its succession planning.

The board announces that, as part of the Group's succession planning, Shru Morris, who joined the Group as Deputy CEO in August 2024, has today been appointed CEO Designate.

Shru will succeed James Dow on 1 April 2025, when he steps down as CEO. Shru is a highly experienced finance professional and CEO with a strong background in professional services, specifically law. Her experience and expertise were instrumental in the delivery of DSW's transformational acquisition of DR Solicitors Limited, which completed last month.

James, who co-founded the business with Jon Schofield and Mark Watts in 2002, and spearheaded the Group's IPO strategy, will remain on the board, as Executive Director, with effect from 1 April 2025.  He will continue to play a vital role in attracting new businesses and partners to the network, maintaining an Ambassadorial role for both DSW and our Pandea network, while providing ongoing strategic counsel to the management team.

The board also announces that Pete Fendall, the Group's COO and Interim CFO, has today been appointed Chief Finance and Operating Officer. Pete has been a key member of the senior management and finance team since before the IPO and has further impressed the board since his appointment as Interim CFO in May this year. He qualified as a Chartered Accountant with Deloitte in 2017 and spent eight years in Deloitte's NW Audit team, working on large and complex audit engagements, before joining DSW in 2021.

Heather Lauder, Chair of DSW, said:

"We are all delighted that Shru has agreed to lead the Group when James stands down as CEO in March next year, and that DSW will retain James' skills, knowledge and expertise in his role as Executive Director. The creation of DSW was truly pioneering and the first of its kind within professional services. DSW's vision has been, and remains, inspirational, and James has worked relentlessly to help others create successful businesses. DSW has never been stronger and, on behalf of everyone at the Group, I thank for his commitment in leading the business.  

"Shru has already made a significant impact on the business in the short time since her appointment as Deputy CEO.  Her energy and commitment to the Group and to furthering James' vision is positively tangible, and James hands the reins to a woman who shares his ability, vision and values.

"I would finally like to add what a pleasure it is to recognise the contribution Pete has made to the business, since joining us in 2021and, in particular, over the last six months; his appointment as Chief Finance and Operating Officer is thoroughly deserved.

"As a board, we look forward to a successful future under Shru and Pete's management and to supporting them in their new and future roles, as they work to further the Group's ambitions."

Online Investor Presentation

The management team will host an online H1 25 Results presentation for investors tomorrow, Tuesday 26 November 2024, at 3.00pm. Anyone wishing to join the presentation should register at https://bit.ly/DSW_H125_results_webinar.

Enquiries

About DSW Capital

DSW Capital, owner of the Dow Schofield Watts and DR Solicitors brands, 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, Dow Schofield Watts is one of the first platform models disrupting the traditional model of accounting professional services firms. DSW Capital operates licensing arrangements with its businesses and has over 130 fee earners across 12 offices in the UK. These businesses trade primarily under the Dow Schofield Watts and DR Solicitors brands.

DSW Capital's vision is for our brands to become the most sought-after destinations for ambitious, entrepreneurial professionals to start and develop their own businesses. Through a licensing model, DSW Capital gives professionals the autonomy and flexibility to fulfil their potential.

Being part of the DSW Capital group brings support benefits in recruitment, funding and infrastructure. DSW Capital's challenger model attracts experienced, senior professionals, predominantly with a "Big 4" accounting firm or "Magic Circle" legal background, who want to launch their own businesses and recognise the value of DSW Capital's brands and the synergies which come from being part of the network.

DSW Capital aims to scale its agile model through organic growth, geographical expansion, additional service lines and acquisitions. The Directors are targeting high margin, complementary, niche service lines with a strong synergistic fit with the existing network.