REG - Smiths News PLC - Statement re Tuffnells Parcels Express Pension

Smiths NewsAnnouncement

23/02/2026 07:00

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RNS Number : 9503T  Smiths News PLC  23 February 2026

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:

 Smiths News PLC                                      via Vigo Consulting

 Jonathan Bunting, Chief Executive Officer

 Richard Clay, Chief Financial Officer

 www.smithsnews.co.uk (http://www.smithsnews.co.uk)

 Vigo Consulting                                      Tel: +44 (0) 20 7390 0230

 Jeremy Garcia / Fiona Hetherington / Anna Sutton

 smithsnews@vigoconsulting.com

 

 

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
(http://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: cosec@smithsnews.co.uk

 

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