Board composition and General Meeting update

29 May 2025

Inspecs Group plc

Board composition and General Meeting update

Inspecs Group plc ("Inspecs", the "Company" and together with its subsidiary undertakings, the "Group"), a leading designer, manufacturer and distributor of eyewear (sunglasses, optical frames, lenses and low vision products), announces the following updates on Board composition and the Requisition of a General Meeting (as announced on 14 May 2025).

Board composition

The Board is making good progress with its formal search, supported by a leading executive search firm, for a new Independent Non-Executive Chair ("Chair") to succeed Robin Totterman. Candidate interviews are underway, and the Board expects to make an appointment no later than the end of July 2025.

The Group announces today that Robin Totterman will step down from the role of Executive Chair at this year's AGM on 3 June, with Christopher Hancock, the Company's Senior Independent Director, becoming Interim Chair until the appointment of the new Chair. Robin has also notified the Board of his intention to step-down as a Director of the Board on 31 December 2025, providing a suitable time period for an orderly transfer of responsibilities.

The search for a new Chief Financial Officer is also progressing well, and the Board expects this to be finalised following the appointment of the new Chair.

General Meeting update

Further to the announcement on 14 May 2025 regarding the receipt of a notice requisitioning a general meeting of the Company (the "Requisition Notice"), the Group announces that Downing LLP has agreed to withdraw its Requisition Notice.

Robin Totterman, Founder and Executive Chair of Inspecs, said:

"As the founder of the business and a significant shareholder, my commitment to the long-term success of the Company remains unwavering. It is my intention to step down from the Board on 31 December 2025 and until then, my focus is on ensuring a smooth and stable transition, helping to deliver an improved business performance, and I remain dedicated to supporting the Company and its employees through this important phase."

Capitalised words and expressions not otherwise defined in this announcement shall have the meaning given in the announcement made by the Company on 14 May 2025.

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This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").  The person responsible for making this announcement is Richard Peck, CEO.

About Inspecs Group plc

INSPECS is a leading provider of eyewear solutions to the global eyewear market. The Group produces a broad range of eyewear frames, low vision aids and lenses, covering optical, sunglasses and safety, which are either "Branded" (under licence or under the Group's own proprietary brands), or "OEM" (unbranded or private label on behalf of retail customers).

INSPECS is building a global eyewear business through its vertically integrated business model. Its continued growth is underpinned by increasing the penetration of its own-brand portfolio, worldwide distribution, growing retail presence, maximising group synergies and its global network, expanding its manufacturing capacity and scaling the research and development department as it develops new and innovative eyewear products. The Group 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.

INSPECS customers are global optical and non-optical retailers, global distributors and independent opticians. Its distribution network covers over 80 countries and reaches approximately 75,000 points of sale.