Directorate Change

Telecom Plus PLC (trading as Utility Warehouse or UW), which supplies a wide range of utility services focussed on domestic customers, today announces that Andrew Lindsay has informed the Board of his decision to step down as Co-CEO and from the Board to pursue other interests after 16 years with the Company.

Stuart Burnett will become sole CEO from the AGM next summer. He joined the business in 2016 and has been Co-CEO with Andrew since 2021. Andrew will subsequently remain with the business on a part time basis for at least the next 3 years, with a focus on supporting and further growing our Partner community.

Charles Wigoder, Non-Executive Chairman said:

"I would like to thank Andrew for the substantial contribution he has made to the success of the business over the past 16 years. I am delighted that he has agreed to remain involved on an ongoing basis, sharing his considerable experience throughout our Partner community within which he has developed many strong relationships.

"This seamless succession leaves the business strongly placed for the next phase of growth under Stuart's proven leadership, as we continue to scale the business towards 2m customers and beyond."

Andrew Lindsay, Co-CEO said:

"It has been a privilege to work with everyone at UW over the years. The business is in better health than ever - in terms of financial and operational performance, our competitive customer proposition and our compelling Partner opportunity.

"As we rapidly approach the 1 million customer milestone, the organic growth opportunity remains vast, and I am excited that I will continue to be involved with the Partner community and to support them in achieving their personal ambitions through UW as it grows.

"Having shared the CEO position with Stuart for 2 years I am wholly confident that he and the team around him have the experience and skills to continue growing the business whilst maintaining our track record of generating strong financial returns for shareholders."

Stuart Burnett, Co-CEO said:

"After working alongside Andrew as co-CEO for the past two years, I am looking forward to leading UW through its next phase of growth. The opportunity for UW to significantly increase market share across all of its services, and accelerate the trajectory from 1 million to 2 million customers, has never been greater and the business continues to perform very strongly, with a real sense of momentum on all fronts."

Customers sign up through a network of local UW Partners all across the country. These Partners recommend UW's services to friends, family and people they know by word of mouth. Telecom Plus is listed on the London Stock Exchange (Ticker: TEP LN). For further information please visit telecomplus.co.uk