NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

FOR IMMEDIATE RELEASE

18 May 2026

RECOMMENDED CASH ACQUISITION

of

INSPECS GROUP PLC

by

BIDCO 1125 LIMITED

(a newly incorporated company indirectly owned by Luke Johnson and Ian Livingstone (the "Consortium"))

Offer Closed

Bidco refers to its announcement of 1 May 2026 and confirms that the Offer was closed for acceptance at 6.00 p.m. on 15 May 2026 and is therefore no longer capable of being accepted. Following closure of the Offer, Bidco holds 69,620,565 Inspecs Shares, representing approximately 68.5 per cent. of the existing issued share capital of Inspecs.

Capitalised words and expressions in this announcement shall, unless otherwise defined, have the meaning given in the Offer Document posted to shareholders of Inspecs on 23 February 2026.

Enquiries

Fladgate LLP is acting as legal adviser to the Bidco Group and the Consortium in connection with the Acquisition.

Further information

Cavendish Capital Markets Limited (Cavendish), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting as financial adviser exclusively for the Bidco Group and no one else in connection with the matters set out in this announcement and will not regard any other person as their client in relation to such matters and will not be responsible to anyone other than the Bidco Group for providing the protections afforded to clients of Cavendish nor for providing advice in relation to the contents of, or any matter referred to in, this announcement or any transaction or arrangement referred to herein. Neither Cavendish nor any of its subsidiaries or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Cavendish in connection with this announcement, any statement contained herein, any transaction or arrangement referred to herein, or otherwise.

This announcement is for information purposes only and is not intended to, and does not, constitute, or form part of, an offer to sell or an invitation to purchase any securities or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the Acquisition or otherwise, nor shall there be any purchase, sale, issuance or transfer of securities of Inspecs or such solicitation in any jurisdiction in contravention of applicable law. The Acquisition has been implemented solely pursuant to the terms of the Offer Document which, together with the form of acceptance, contains the full terms and conditions of the Acquisition, including details of how to accept the Takeover Offer.

This announcement has been prepared for the purpose of complying with English law and the Takeover Code and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws or jurisdictions outside the United Kingdom.

This announcement does not constitute a prospectus, prospectus equivalent document or exempted document.

The statements contained in this announcement are made as at the date of this announcement, unless some other time is specified in relation to them, and publication of this announcement shall not give rise to any implication that there has been no change in the facts set forth in this announcement since such date.

If you are in any doubt about the contents of this announcement or the action you should take, you are recommended to seek your own independent financial advice immediately from your stockbroker, bank manager, solicitor, accountant or independent financial adviser duly authorised under the Financial Services and Markets Act 2000 (as amended) if you are resident in the United Kingdom or, if not, from another appropriately authorised independent financial adviser.

Overseas Shareholders

The release, publication or distribution of this announcement in or into jurisdictions other than the UK may be restricted by law and therefore any persons who are subject to the law of any jurisdiction other than the UK should inform themselves of, and observe, any applicable legal or regulatory requirements. Any failure to comply with such requirements may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Acquisition disclaim any responsibility or liability for the violation of such restrictions by any person. This announcement has been prepared in accordance with and for the purpose of complying with English law, the Takeover Code, the AIM Rules, the Market Abuse Regulation and the Disclosure Guidance and Transparency Rules and information disclosed may not be the same as that which would have been prepared in accordance with the laws of jurisdictions outside England and Wales.

The availability of the Acquisition to Inspecs Shareholders who are not resident in and citizens of the UK may be affected by the laws of the relevant jurisdictions in which they are located or of which they are citizens. Persons who are not resident in the UK should inform themselves of, and observe, any applicable legal or regulatory requirements of their jurisdictions. Any person (including, without limitation, nominees, trustees and custodians) who would, or otherwise intends to, forward this announcement, the Offer Document to any jurisdiction outside the UK should refrain from doing so and seek appropriate professional advice before taking any action. Any failure to comply with the applicable restrictions may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Acquisition disclaim any responsibility or liability for the violation of such restrictions by any person.

Copies of this announcement are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in or into or from any Restricted Jurisdiction where to do so would violate the laws in that jurisdiction and persons receiving such documents (including, without limitation, agents, custodians, nominees and trustees) must not mail or otherwise forward, distribute or send the same in or into or from any Restricted Jurisdiction where to do so would violate the laws in that jurisdiction.

Notice to US holders of Inspecs Shares

The Takeover Offer related to shares of an English company and was effected by means of a contractual takeover offer pursuant to the Code and the laws of the United Kingdom. The companies involved in the Takeover Offer were not US companies and were considered "foreign private issuers" for purposes of applicable US securities laws.

The Cash Offer was made in the US pursuant to all applicable laws and regulations, including, to the extent applicable, Section 14(e) and Regulation 14E under the US Exchange Act and otherwise in accordance with the requirements of the Code. Accordingly, the Takeover Offer was subject to disclosure and other procedural requirements, including with respect to withdrawal rights, offer timetable, settlement procedures and timing of payments that are different from those applicable under US domestic tender offer procedures and law. The Takeover Offer was made in the US by Bidco and no-one else.

Furthermore, the payment and settlement procedure with respect to the Takeover Offer will comply with the relevant United Kingdom rules, which differ from US payment and settlement procedures, particularly with regard to the date of payment of consideration.

Inspecs Shareholders located or resident in the US or who are otherwise US persons were not permitted to elect to receive the Alternative Offer. The Alternative Offer was not made in the US, and any purported election to receive Consideration Securities pursuant to the Alternative Offer by Inspecs Shareholders from the US, or which, at the sole discretion of Bidco, appear to be made in respect of Inspecs Shares beneficially held by persons located or resident in the US or who otherwise appear to be US persons will not be accepted. Accordingly, Inspecs Shareholders located or resident in the US or who are otherwise US persons who elected to receive the Alternative Offer were deemed to have accepted the Cash Offer and would have received cash pursuant to the Cash Offer, and no Consideration Securities will be issued to any such Inspecs Shareholder. The Consideration Securities have not been and will not be registered under the US Exchange Act or under US securities laws, and will not be listed on any stock exchange in the US, and may not be offered, sold or delivered, directly or indirectly, in, into or from the US. Neither the US Securities and Exchange Commission nor any US state securities commission has approved or disapproved of the Alternative Offer, the Consideration Securities or determined that this announcement is accurate or complete. Any representation to the contrary is a criminal offence.

The receipt of cash by a US Inspecs Shareholder as consideration for the transfer of its, his or her Inspecs Shares pursuant to the Takeover Offer will likely be a taxable transaction for US federal income tax purposes and under applicable US state and local, as well as foreign and other, tax laws. Each US Inspecs Shareholder is urged to consult their independent professional adviser immediately regarding the tax consequences of the Takeover Offer applicable to them.

Some or all of Inspecs' officers and directors reside outside the US, and some or all of its assets are or may be located in jurisdictions outside the US. Therefore, investors may have difficulty effecting service of process within the US upon those persons or recovering against Inspecs or its officers or directors on judgments of US courts, including judgments based upon the civil liability provisions of US securities laws. Further, it may be difficult to compel a non-US company and its affiliates to subject themselves to a US court's judgment. It may not be possible to sue Inspecs or its officers or directors in a non-US court for violations of the US securities laws.

Publication on a website

In accordance with Rule 26.1 of the Takeover Code, a copy of this announcement and the documents required to be published by Rule 26 of the Takeover Code will be made available, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on the website of Risk Capital Partners at www.riskcapitalpartners.co.uk/offer-for-inspecs-group-plc/documents/ by no later than 12 noon (London time) on the Business Day following this announcement. For the avoidance of doubt, neither the content of these websites nor of any website accessible from hyperlinks set out in this announcement is incorporated by reference or forms part of this announcement.

Requesting hard copy documents

In accordance with Rule 30.3 of the Takeover Code, Inspecs Shareholders, persons with information rights and participants in the Inspecs Share Plans may request a hard copy of this announcement by contacting Inspecs' registrars, Equiniti Limited, during business hours on +44 (0) 371 384 2050.  Please note that lines are open between 8.30 a.m. to 5.30 p.m. (UK time) Monday to Friday (except public holidays in England and Wales). For deaf and speech impaired customers, Equiniti welcome calls via Relay UK. Please see www.relayuk.bt.com for more information. Alternatively, a request may be submitted in writing to Equiniti Limited, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, with an address to which the hard copy may be sent. In accordance with Rule 30.3 of the Takeover Code, such persons may also request that all future documents, announcements and information to be sent to them in relation to the Acquisition should be in hard copy form.

Rounding

Certain figures included in this announcement have been subjected to rounding adjustments. Accordingly, figures shown for the same category presented in different tables may vary slightly and figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them.