1 July 2026

DSW CAPITAL PLC

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

(AIM: DSW)

Funding support for expansion of DSW licensee business via acquisition

DSW Capital plc, the owner of the Dow Schofield Watts brand and a profitable, mid-market professional services licence network, is pleased to announce that it has provided equity funding of £360,000 to support the acquisition of Integer Advisory Limited ("Integer") by Dow Schofield Watts Business Planning LLP ("DSW BP"). DSW BP is a licensee of DSW Capital.

The combination creates a strengthened advisory business, bringing together DSW BP's expertise in social housing and infrastructure with Integer's established reputation and specialist sector knowledge. The strengthened and enlarged business, operating as DSW Integer, will be well positioned to support public sector organisations, as the demand for advisory services grows in response to increased Government investment in infrastructure, housing and public service.

DSW Capital will continue to receive licence fee income from the enlarged business and will also hold an equity interest in the business, through its membership in the LLP.

Shru Morris, Chief Executive Officer, said:

"We are absolutely delighted to support DSW BP in the funding of this acquisition, and I am very pleased to welcome the Integer team to the DSW Network.  

"The transaction is a great demonstration of the Group's diversification strategy in action: Integer broadens the network's advisory capabilities and brings additional revenues from more resilient markets, as we continue to expand the Group beyond traditional M&A activity. The transaction also demonstrates our commitment and willingness to back our licensees in the growth and development of their businesses, making DSW an attractive platform for ambitious professionals seeking autonomy.

"With increasing Government focus on infrastructure, housing, and public sector transformation, we are confident that the enlarged business is well positioned to capitalise on attractive long-term growth opportunities."

Ellen Little, Partner at DSW Integer, formerly DSW Business Planning, said:

"We have known Mark and Coralie, who established and lead the Integer business, for many years and have long admired the reputation they have built within the housing and public sectors. Combining our complementary skills and experience creates a stronger platform from which to support clients, who are facing increasingly complex strategic, financial, and delivery challenges.

"The UK public sector is entering a period of significant investment and transformation. By bringing our teams together, we have enhanced our capacity, broadened our expertise, and strengthened our ability to deliver the personalised, partner-led advice that our clients value."

Terms of the Transaction

DSW will provide capital of £360,000 to DSW BP, as a new member of the LLP, who in turn will acquire 100% of the issued share capital of Integer ("LLP Agreement"). Under the terms of the LLP agreement, DSW will have a 20% equity stake in DSW BP.  In the financial year ended 31 March 2025, DSW BP reported revenue of c.£540k, profit before tax of c.£125k and net assets as at 31 March 2025 of c.£140k.

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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.