8 November 2022

UP Global Sourcing Holdings plc

"Ultimate Products" or "the Group"

ENVIRONMENTAL, SOCIAL & GOVERNANCE ("ESG") STRATEGY 2022

Pledges include: Net Zero emissions by 2040; all packaging to be recyclable or reusable by 2025; and 60% of the UK workforce to be recruited from the local community by 2030

Ultimate Products, the owner of a number of leading homeware brands including Salter (the UK's oldest houseware brand, est.1760) and Beldray (est.1872), has today published its inaugural Environmental, Social & Governance Strategy report, which can be found at https://www.upgs.com/investor-relations/corporate-literature/

The report includes a range of pledges across the areas of emissions, packaging, and community engagement, including:

·    Net Zero scope 1 and 2 emissions by 2040

·    Net Zero scope 3 emissions by 2050

·    50% less plastic packaging by 2025 (compared to a 2019 baseline), with the remaining plastic packaging to:

1.    Contain an average of 30% recycled content; and

2.    Be 100% recyclable or reusable

·    Gender balance in leadership roles by 2030

·    40% of Board representation to be female by 2025

·    20% of UK workforce to be made up of ethnic minorities by 2030

·    60% of UK workforce to be recruited from the local community by 2030, versus 47.2% % today

Any cost increases resulting from the ESG Strategy will be fully considered before implementation, with many of the costs being offset against the savings made across the Group's other environmental focus areas.  

Simon Showman, Chief Executive of Ultimate Products, commented:

"Striving to do the right thing has always been core to everything that Ultimate Products does. As the business continues to grow, we are acutely aware that our efforts and ambitions should be underpinned by a clear sense of responsibility and purpose. We have therefore developed a comprehensive ESG strategy which covers everything from our purpose of developing products for the home, educating consumers, investing in our colleagues, and supporting those that need it most within our local communities.

"We also recognise that we have an important role to play in helping our retail partners to achieve their own ESG ambitions. We are therefore working to ensure that the necessary infrastructure is in place to support them in going that extra mile, while continuing to provide them with an outstanding service. At Ultimate Products, we all believe in playing our part to make a positive impact on the world, and we are determined to become an even more sustainable and responsible business."

For more information, please contact:

Ultimate Products +44 (0) 161 627 1400

Simon Showman, CEO

Andrew Gossage, Managing Director

Chris Dent, Finance Director

Shore Capital +44 (0) 20 7408 4090

Mark Percy

Malachy McEntyre

Powerscourt +44 (0) 207 250 1446

Rob Greening

Sam Austrums

Notes to Editors

Ultimate Products is the owner of a number of leading homeware brands including Salter (the UK's oldest houseware brand, established in 1760) and Beldray (a laundry, floor care, heating and cooling brand that was established in 1872). According to its market research, nearly 80% of UK households own at least one of the Group's products.

Ultimate Products sells to over 300 retailers across 38 countries, and specialises in five product categories: Small Domestic Appliances; Housewares; Laundry; Audio; and Heating and Cooling. Other brands include Progress (cookware and bakeware), Kleeneze (laundry and floorcare), Petra (small domestic appliances) and Intempo (audio).

The Group's products are sold to a broad cross-section of both large national and international multi-channel retailers as well as smaller national retail chains, incorporating discount retailers, supermarkets, general retailers and online retailers.

Founded in 1997, Ultimate Products employs over 370 staff, a significant number of whom have joined via the Group's graduate development scheme, and is headquartered in Oldham, Greater Manchester, where it has design, sales, marketing, buying, quality assurance, support functions and warehouse facilities across two sites. Manor Mill, the Group's head office, includes a spectacular 20,000 sq ft showroom that showcases each of its brands. In addition, the Group has an office and showroom in Guangzhou, China and in Cologne, Germany.

Please note that Ultimate Products is not the owner of Russell Hobbs. The company currently has licence agreements in place granting it an exclusive licence to use the "Russell Hobbs" trademark for cookware and laundry (NB this does not include Russell Hobbs electrical appliances).

For further information, please visit www.upgs.com