25 September 2023

UP Global Sourcing Holdings plc

"Ultimate Products" or "the Group"

LAUNCH OF EUROPEAN SHOWROOM IN PARIS

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), is pleased to announce that it has opened a new European showroom in Paris. A launch event was held on Thursday 21 September, where the ribbon was cut by retail tycoon Theo Paphitis and Hajir Hajji, the CEO of Action, Europe's fastest growing non-food discount retailer.

The new showroom is spread across a 16,500 sq. ft space at the Homexpo Paris showroom complex, where the anchor tenant is JJA, one of France's largest home furnishing suppliers. The site, which is near Charles de Gaulle airport, is ideally located for hosting both existing and prospective customers across France and Europe.

To support the showroom's activities, Ultimate Products has appointed a new sales team in Paris, who join the Group's other international sales teams in Germany and Poland. Previously, the Group operated a Cologne showroom, which was hugely successful in achieving traction and growth in Germany, a market that today represents approximately 30% of the Group's European sales. The Group's aim is to achieve a similar level of penetration within the French market.

Ultimate Products currently derives approximately 30% of its revenues from European countries (population: c.477 million), where it has a much lower penetration than the UK (population: c.67 million). The Group sells £1.72 of product per capita in the UK and around 80% of British households own at least one of the Group's products.

Simon Showman, Chief Executive of Ultimate Products, commented:

"I am massively excited to have opened a European showroom in Paris, which I am confident will help us grow our presence in the sizable French market. Our products are already present in most UK households, and I firmly believe that they will be just as attractive to retail partners and consumers in France, as well as the wider European market more generally. I would like to extend a warm welcome to our new team in Paris, who will be invaluable in helping us to achieve our ambitious growth plans."

For more information, please contact:

Ultimate Products +44 (0) 161 627 1400

Simon Showman, CEO

Andrew Gossage, Managing Director

Chris Dent, Chief Financial Officer

Shore Capital +44 (0) 20 7408 4090

Mark Percy

Malachy McEntyre

David Coaten

Iain Sexton

Powerscourt +44 (0) 207 250 1446

Rob Greening

Sam Austrums

Oliver Banks

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 its recently opened showroom in Paris, France.

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 (NB this does not include Russell Hobbs electrical appliances).

For further information, please visit www.upgs.com