Appointment of Non-Executive Directors

1 December 2022

Inspecs Group plc

("Inspecs" or "the Group")

Appointment of Non-Executive Directors

Inspecs Group plc, a designer, manufacturer and distributor of eyewear frames and prescription lenses to the optical trade, is pleased to announce the appointment of Shaun Smith and Hugo Adams as Non-Executive Directors with effect from today, to strengthen the Board and assist in the delivery of the Group's strategic goals.

Shaun has extensive plc experience having previously held CFO roles with Norcros plc and Aga Rangemaster Group plc. In his role at Aga Rangemaster Group plc, Shaun helped oversee the transformation of the business into an international brand-led manufacturer and retail group. Shaun has served as a Non-Executive Director on public company Boards since 2016 including as Audit Committee chair. He is currently a Non-Executive Director of Epwin Group plc. On appointment, Shaun will join the Audit & Risk and Remuneration & Nomination Committees.

Hugo has more than 25 years' experience working for some of the biggest and best-known, global consumer brands including The Body Shop and running marketing and international expansion at Dyson.  During nine years at Marks and Spencer Group PLC he managed businesses across Europe and the Middle East, as well as being Chief of Staff to the CEO and subsequently Property Director.  Hugo served on the Executive Board at Superdry Plc, responsible for marketing and business development and most recently as CEO of Start-Rite Shoes. Hugo will serve on the Audit & Risk, Remuneration and Nomination and the newly formed Environmental, Social and Governance committee on appointment.

Richard Peck, who has served on the Board as a Non-Executive Director since January 2020, today assumes the role of Group CEO. With over 35 years' experience in the optical industry, Richard brings a wealth of knowledge having previously been Managing Director of Luxottica Retail Northern Europe and Managing Director of David Clulow opticians. Richard and Robin Totterman will work closely together, along with the Board, to develop the Company's global position as a leading player in eyewear solutions through its vertically-integrated frame and lens capabilities.

Robin Totterman, Inspecs Group plc Founder and Executive Chair, said:

"I am delighted to welcome Shaun and Hugo to the Board of Inspecs. Shaun has extensive PLC experience having held a variety of finance roles in international manufacturing and retail groups, whilst Hugo brings significant experience in the retail sector and a proven track record of delivering growth for purpose-led consumer brands.

"Today's appointments come at an important time for the Group as Richard simultaneously steps into the role of Group CEO, and I assume the role of Executive Chair. The Board is delighted that Richard has become CEO with his extensive business development skills gained at Luxottica and is confident he is the right person to lead Inspecs through the next stage of its growth."

For further information please contact:

The following information regarding Shaun Michael Thomas Smith (aged 61) is disclosed under Schedule 2(g) of the AIM Rules for Companies:

There are no other matters which are required to be announced under Schedule 2(g) of the AIM Rules for Companies.

The following information regarding Hugo James Adams (aged 49) is disclosed under Schedule 2(g) of the AIM Rules for Companies:

Hugo Adams owns 16,500 ordinary shares of 1 pence each in the Group. There are no other matters which are required to be announced under Schedule 2(g) of the AIM Rules for Companies.

Following the appointment of the Non-Executive Directors, the members of the Committees will be as follows:

Audit and Risk Committee:

Chris Hancock (Chair)

Shaun Smith

Hugo Adams

Remuneration and Nominations Committee:

Chris Hancock (Chair)

Shaun Smith

Hugo Adams

Environmental, Social and Governance Committee:

Angela Farrugia (Chair)

Chris Hancock

Hugo Adams

About Inspecs Group plc

INSPECS is a Bath-based designer, manufacturer and distributor of eyewear frames and optically advanced spectacle lenses. The Group produces a broad range of frames and lenses, covering optical, sunglasses and safety, which are either "Branded" (either under licence or under the Group's own proprietary brands), or "OEM" (including private label on behalf of retail customers as well as unbranded).

INSPECS aims to be the leader in eyewear solutions through its vertically-integrated business model and has adopted a three-pillar growth strategy to achieve this: (i) continue to grow organically; (ii) undertake further acquisitions (and drive value through leveraging the Group's internal capabilities); and (iii) extend the Group's manufacturing capacity.

The Group has completed several significant acquisitions since its IPO in February 2020. In December 2020, INSPECS acquired Eschenbach, a leading global eyewear supplier, headquartered in Nuremberg, Germany, which includes the American company Tura. This followed the acquisition of lens maker Norville in July 2020, whereby INSPECS combined two British heritage brands, Savile Row frame maker, and Norville lens maker, further enhancing its vertically-integrated business model. In December 2021 the Group acquired Ego Eyewear, a design and licensing company which uses third party eyewear manufacturers to produce premium fashion brands, and BoDe, a distributor of optical frames and sunglasses principally to the German and neighbouring markets.

INSPECS customers include global optical and non-optical retailers, global distributors and independent opticians, with its distribution network covering over 80 countries and reaching approximately 75,000 points of sale.

INSPECS has operations across the globe: with offices and subsidiaries in the UK, Germany, Portugal, Scandinavia, the US and China (including Hong Kong, Macau and Shenzhen), and manufacturing facilities in Vietnam, China, the UK and Italy. With the acquisition of Eschenbach, the Group's international reach further extends across Europe and the American markets.

More information is available at: https://inspecs.com