Lease Extension

Marks Electrical Group plc ("Marks Electrical" or "The Group"), a fast growing online electrical retailer, today announces that it has entered into a new three year lease extension (the "Lease") at the Company's headquarters and main site of operations at 4 Boston Road, Leicester (the "Property").

The Lease is between Mavrek Properties Limited & The Smithson Pension Fund (together, "the Landlords") and the Company and has a new three year term commencing 30 September 2024 with a below inflation increase to £640,000 per annum to be satisfied in cash. The Lease replaces the existing lease in place with the Landlords for the Property which expires on 29 September 2024, as disclosed in the Company's Admission Document.

Related Party Opinion

The Landlords are Related Parties by virtue of the fact that Mark Smithson, the Company's CEO and 73.6% shareholder, is the ultimate beneficiary of The Smithson Pension Fund and the controlling shareholder in Mavrek Properties Limited. Therefore, the Lease is considered a related party transaction pursuant to the AIM Rules for Companies. The directors, excluding Mark Smithson, having consulted with Canaccord Genuity Limited, the Company's Nominated Adviser, consider the terms of the Lease to be fair and reasonable insofar as the Company's shareholders are concerned.