Company Announcements

24 April 2024

Gear4music (Holdings) plc

Board Succession Update

Gear4music (Holdings) plc ("Gear4music", "the Company" or "the Group"), the largest UK based online retailer of musical instruments and music equipment, is pleased to announce its Board succession plan.

Having served the Group since IPO in 2015, Ken Ford (Non-Executive Chair) and Dean Murray (NED) are approaching the end of their nine-year tenure, and are intending to step down from the Board later this year.

The existing Board, Chair and Nominations committee have diligently evaluated revised board structures to ensure the best outcomes for all stakeholders and, having consulted with certain of the Company's major shareholders, we are pleased to announce the following changes will take effect from Friday 5 July 2024:

·    Ken Ford to step down as Non-Executive Chair and retire from the Board

·    Andrew Wass to move from CEO to Executive Chair

·    Gareth Bevan, current CCO, to be appointed as CEO

·    Neil Catto, recently appointed as CFO of Revolution Beauty Group Plc and former CFO of Boohoo Group plc, to join the board as Senior Independent Director ('SID') and Audit Committee chair

·    Chris Scott's and Harriet Williams' (CFO and NED respectively) roles and responsibilities remain unchanged

Dean Murray has agreed to remain on the Board until a suitable NED candidate with appropriate experience has been appointed. The Group has appointed an agency to help with this process and the search to identify candidates is under way.

Neil Catto

Neil has significant experience of serving on the boards of AIM-listed companies as both executive and non-executive director. Neil was CFO of Boohoo between 2011 and 2022 and is now CFO of Revolution Beauty, having initially joined as a non-executive director in 2023. Neil is also a non-executive director of tinyBuild Inc. He was previously Finance Director of dabs.com plc and has held senior financial positions in BT plc and The Carphone Warehouse Group. Neil qualified as a chartered accountant with EY.

Andrew Wass, CEO and Executive Chair designate of Gear4music said:

"On behalf of the Gear4music team, I extend our heartfelt thanks to Ken and Dean for their dedication and invaluable contributions over the past nine years. I am deeply appreciative of the wise counsel and steadfast support they have provided throughout their tenure.

I am very much looking forward to working alongside Gareth in our respective new roles. Gareth has been with the business for twelve years as Chief Commercial Officer and has 25 years' experience in our industry, and we firmly believe there is no better person to be Gear4Music's CEO. The transition will ensure seamless continuity within our leadership team whilst enhancing our strategic focus.

I look forward to spearheading our strategic initiatives, overseeing the advancement of our bespoke e-commerce platform and continuing to provide support to our team and stakeholders.

Finally, on behalf of the Gear4music team, I would like to welcome Neil to the board. Neil's extensive e-commerce and listed company director experience will prove invaluable as we continue with the implementation of our long-term growth plan whilst ensuring good governance."

Ken Ford, Non-Executive Chair of Gear4music said:

"I am deeply grateful to the Board members, staff, and stakeholders for their commitment to the business, enthusiasm and delivery since I joined the Board as Chair in 2015.

This period has seen remarkable growth. There have been challenges to overcome along the way but, today, our business stands significantly stronger, a testament to the collective efforts and dedication of our entire team. With the newly restructured Board, I am confident that their diverse skills and experience will continue to drive transformative change.

I extend my best wishes to the team on their journey towards sustainable and profitable growth and I am confident that they will continue to drive Gear4music forward."

- Ends -

Enquiries:

Information regarding the appointment of Neil James Catto, aged 57, as required under Rule 17 and Schedule 2(g) of the AIM Rules for Companies is set out below.

Current Directorships

Revolution Beauty Group PLC

Revolution Beauty Ltd

Revolution Beauty Labs Ltd

Revolution Beauty Nominees Ltd

Revolution Beauty Holdings Ltd

Revolution Beauty UK HOLDCo Ltd

tinyBuild Inc.

Previous Directorships (within the last five years)

boohoo Group plc

Boohoo.com UK Limited

Boohoo.com USA Limited

Boohoo.com Australia PTY

Boohoo France SAS

Boohoo.com UK Limited Liaison Office Turkey

Boohoo.com Italy SRL

Boohoo Property Holdings 2 Limited

Boohoo Holdings Limited

Boo Who Limited

Boohooman.com UK Limited

Boohoo.com Germany GmbH

Debenhams Brands Limited

Debenhams Holdings Limited

Nasty Gal Limited

NastyGal.com USA Inc

Prettylittlething.com Limited

Prettylittlething.com Limited USA Inc

Miss Pap UK Limited

Coastlondon.com Limited

Karenmillen.com Limited

Oasis Fashions Online Limited

Dorothy Perkins Online Limited

Burton Online Limited

Redherring.com Online Limited

Principles.com Online Limited

Maine.com Online Limited

Mantaray.com Online Limited

PGBH Limited

Pancorp1 Limited

Shanghai Wasabi Frog Trading Co Limited

Faith.com Online Limited

Wallis Online Limited

21Three Clothing Company Limited

Warehouse Fashions Online Limited

As at the date of this announcement, Neil Catto does not hold an interest in the ordinary shares of the Company.

Save as set out above, there are no further disclosures pursuant to Rule 17 or Schedule Two paragraph (g) of the AIM Rules for Companies in respect of the appointment of Neil Catto.

About Gear4music (Holdings) plc

Operating from a Head Office in York, Distribution Centres in York, Bacup, Sweden, Germany, Ireland & Spain, and showrooms in York, Bacup, Sweden & Germany, the Group sells own-brand musical instruments and music equipment alongside premium third-party brands including Yamaha, Roland and Roland, to customers ranging from beginners to musical enthusiasts and professionals, in the UK, Europe and the Rest of the World.

Having developed its own e-commerce platform, with multilingual, multicurrency websites delivering to over 190 countries, the Group continues to build its overseas presence.