17 January 2024

DSW CAPITAL PLC

("DSW Capital", "DSW" or the "Company")

Board Update

DSW Capital, a profitable, mid-market, challenger professional services licence network and owner of the Dow Schofield Watts brand, announces that Nicole Burstow, Deputy CEO and Chief Financial Officer, has tendered her resignation.

Nicole will continue in her role until the end of June 2024, before taking up a new position at a large portfolio investment business. The Company is commencing a recruitment process and will update the market in due course.

The Board would like to thank Nicole for her contribution to the business over the last four years, which has been instrumental to the growth of DSW. The Board wish Nicole all the best in her future endeavours.

James Dow, Chief Executive Officer, said: "Nicole has been a superb asset to our business and an inspirational role model for many of our Partners and employees and we wish her every success in her new role."

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"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

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About DSW Capital

DSW Capital, owner of the Dow Schofield Watts brand, is a profitable, mid-market, challenger professional services network with a cash generative business model and scalable platform for growth. Originally established in 2002, by three KPMG alumni, DSW is one of the first platform models disrupting the traditional model of accounting professional services firms. DSW operates licensing arrangements with 24 licensee businesses with 108 fee earners, twelve offices across the UK. These trade primarily under the Dow Schofield Watts brand.

DSW's vision is for the DSW Network to become the most sought-after destination for ambitious, entrepreneurial professionals to start and develop their own businesses. Through a licensing model, DSW gives professionals the autonomy and flexibility to fulfil their potential. Being part of the DSW Network brings support benefits in recruitment, funding and infrastructure. DSW's challenger model attracts experienced, senior professionals, predominantly with a "Big 4" accounting firm background, who want to launch their own businesses and recognise the value of the Dow Schofield Watts brand and the synergies which come from being part of the DSW Network.

DSW aims to scale its agile model through organic growth, geographical expansion, additional service lines and investing in "Break Outs" (existing teams in larger firms). The Directors are targeting high margin, complementary, niche service lines with a strong synergistic fit with the existing DSW Network.