Statement re Tuffnells Parcels Express Pension

23 February 2026

This announcement contains inside information

Smiths News PLC

("Smiths News" or the "Company")

Statement re. Tuffnells Parcels Express Pension Scheme Update

Smiths News (LSE: SNWS), the UK's largest news wholesaler and a leading provider of early morning end-to-end supply chain solutions, confirms that on 20 February 2026 it received a Warning Notice ("WN") from the UK Pensions Regulator ("tPR") in relation to the Tuffnells Parcels Express Pension Scheme ("Tuffnells Scheme"), the possibility of which was disclosed in the Company's last annual accounts (see Note 20).

The WN explains that tPR is considering issuing a Financial Support Direction ("FSD") against Smiths News in relation to the Tuffnells Scheme. An FSD is based on a 'no-fault' liability-regime and forms part of tPR's wide-ranging powers. In addition to Smiths News, a number of other parties connected to Tuffnells are identified in the WN as potential targets of tPR's powers.

Smiths News owned Tuffnells Parcels Express Limited ("Tuffnells"), the sponsoring employer of the Tuffnells Scheme, between December 2014 and May 2020. Tuffnells entered administration on 12 June 2023. 

TPR has stated in the WN that the Section 75 debt of the Tuffnells Scheme, which is the maximum amount tPR can seek in aggregate from all targets, is now estimated at £3,467,000.

The Board is reviewing the WN with its advisers and will have an opportunity to make submissions to tPR in response. These will be considered by tPR's case team and then referred to a Determinations Panel before any decision is made as to whether an FSD should be issued against Smiths News, and if so, in what form or for what value. It is therefore too early to know if an FSD will be issued, or the amount or form of any such support.

The Board maintains the view that Smiths News acted reasonably throughout its time as parent of Tuffnells and that it was an overall net contributor of funding to Tuffnells during its period of ownership.

For further information, please contact:

About Smiths News

Smiths News is the UK's largest news wholesaler and a leading provider of early morning end-to-end supply chain solutions. Smiths News has been delivering newspapers to retailers across the UK for over 200 years on behalf of the major national and regional publishers. Today, Smiths News delivers to over 22,000 customers across England and Wales on a daily basis.

Smiths News' service capability now extends into a number of growth initiatives that build on its expertise in warehousing, reverse logistics and early morning final mile services, across its extensive high-density UK delivery network, including a waste recycling collection service, the delivery of additional categories such as books and home entertainment, and extending our services in the final mile.

The speed of turnaround and the density of Smiths News' coverage is critical to one of the world's fastest physical supply chains and we remain focused on continuing to deliver best in class service to the news and magazines market, whilst exploring opportunities for growth based on this strong foundation.

For more information, please visit: www.smithsnews.co.uk

Person responsible for arranging release of this announcement:

Stuart Marriner, General Counsel & Company Secretary

Smiths News plc, Rowan House, Cherry Orchard North, Kembrey Park, Swindon SN2 8UH

Email: [email protected]