Dunelm ECONOMIC

Target: Dunelm Group plc Research date: 27 October 2026 Scope: Commercial, financial, supply-chain and corporate economic relationships with Israel and Israeli settlements in occupied territory.

Supply Chain & Sourcing Relationships

Direct sourcing and supplier structure

Dunelm Group plc describes an international sourcing model covering own-brand goods, third-party branded merchandise and non-stock procurement, with the 2026 Modern Slavery Statement reporting approximately 299 suppliers and 794 Tier 1 manufacturing sites across 22 countries.¹

Its 2025 Sustainability Report reported approximately 314 suppliers and 815 Tier 1 manufacturing sites across 25 countries, providing a prior-year comparison.²

Dunelm Group plc requires third-party branded suppliers to satisfy its ethical sourcing and compliance requirements, while its internal teams and specialist provider Verisio support monitoring of own-brand manufacturing facilities.¹

The company states that food and drink merchandise is sourced from a small number of large UK or EU-based suppliers, without identifying individual upstream producers or establishing the geographical origin of every ingredient.¹

Israeli agricultural suppliers

No public evidence identified of direct supply contracts between Dunelm Group plc or its operating subsidiaries and Mehadrin, Hadiklaim, Galilee Export, Agrexco successors or another named Israeli agricultural exporter.

No public evidence identified of recurring procurement of Israeli dates, avocados, citrus, herbs or potatoes.

No public evidence identified of seasonal December–April Israeli agricultural sourcing.

Indirect sourcing

Dunelm Group plc confirms that third-party branded products are sold through its retail channels, with the brand owners responsible for manufacturing and maintaining their own supply-chain controls.¹

No public evidence identified linking a named Dunelm third-party brand to a verified Israeli-origin transaction or settlement-origin product.

Importer of record

No public evidence identified of a dedicated Israeli import entity, wholly owned Israeli importer, Israeli joint venture or documented importer-of-record relationship for goods originating from Israel.

Supplier relationship act record

• Acting entity: Dunelm Group plc, through its stock-procurement functions and operating subsidiaries.
• Recipient/beneficiary: Own-brand manufacturers, third-party branded suppliers and commercial service providers.
• Channel: Corporate disclosure on corporate.dunelm.com.
• Earliest observation: FY2025 supplier disclosures.
• Latest observation: 2026 Modern Slavery Statement.
• Status: Continuing supplier-management and ethical-audit programme as of the 2026 statement.
• Israeli recipient or beneficiary: no public evidence identified.
• Audience: Investors, suppliers and the public.
• Communication persistence: The disclosures were published for the respective reporting periods; the precise duration of individual web-page availability was not established.^{1, 2}

October 2026 - Dunelm’s publicly accessible Keter-branded garden-furniture catalogue establishes an ongoing downstream retail relationship with Keter-branded products. The live catalogue displayed three products: Keter Samoa 270L Outdoor Storage Box (£59), Keter XXL 870L Brown Storage Box (£259), and Double BBQ Table (£289). An earlier indexed October 2026 version additionally displayed the Keter Denali 757L Duotech Storage Box (£315). Individual product pages confirm Keter as the brand of all three currently displayed products. This is positive evidence of commercial retail activity involving an Israeli-origin manufacturer and fills a previously undocumented supplier-brand relationship in Economic. The available records do not identify Dunelm’s contractual supplier, purchasing intermediary, importer of record, supply agreement, transaction values, or payments to Keter’s Israeli entities.^{3, 4, 5, 6}

October 2026 - Dunelm’s Keter product listings identify a continuing commercial channel through which customers are offered products bearing the Keter brand. The catalogue establishes retail availability, while the accompanying manufacturer documentation establishes that Keter has published Israeli-manufacturing declarations for relevant product lines. These records do not establish that Dunelm purchases directly from Keter Plastic Ltd in Herzliya, that every Keter-branded product is manufactured in Israel, or that specific retail proceeds are transferred to an Israeli entity. The manufacturer’s Israeli identity and the retailer’s commercial relationship should therefore be recorded separately from any unverified direct procurement or financial-transfer claim.^{3, 7, 8}

Product Origin, Labeling & Regulatory Compliance

Product origin

Dunelm Group plc’s FY2026 sustainability disclosures describe raw-material sourcing, manufacturing monitoring and environmental reporting across its own-brand supply chain.⁹

No public evidence identified of a specific Dunelm product verified as manufactured in Israel.

No public evidence identified of products sold by Dunelm originating from Israeli settlements in the West Bank, including East Jerusalem, or the occupied Syrian Golan.

Settlement-origin products

No public evidence identified of a named Dunelm product being traced through public customs records, an NGO investigation or an enforcement decision to a settlement manufacturer.

Labelling compliance

No public evidence identified of a UK regulator issuing Dunelm Group plc or Dunelm (Soft Furnishings) Ltd with an enforcement action specifically concerning the country-of-origin labelling of settlement-produced goods.

No public evidence identified of a documented settlement-product labelling violation attributable to Dunelm.

Corporate policy

Dunelm publishes corporate policies covering supplier conduct, responsible sourcing, modern slavery and business ethics, including a Modern Slavery Act Statement dated 30 September 2025 and a 2026 statement available on its website.^{10, 11}

No public evidence identified of a distinct corporate policy explicitly addressing Israeli settlement-origin products, territorial distinctions between Israel and occupied territory, or settlement-specific country-of-origin labelling.

Regulatory and communication act record

• Acting entity: Dunelm Group plc.
• Recipients: Suppliers, employees, investors and customers.
• Channel: Corporate policies and sustainability disclosures hosted on corporate.dunelm.com.
• Earliest dated observation: 30 September 2025 for the identified Modern Slavery Act Statement.
• Latest dated observation: 2026 Modern Slavery Statement.
• Status: Continuing corporate policy publication.
• Settlement-specific policy: no public evidence identified.
• Audience: Public and commercial counterparties.
• Exact persistence of each published policy document: Not established.^{10, 11}

October 2026 - Dunelm hosts assembly instructions for product 1000217295, the Keter Denali 757L Duotech Storage Box. The document identifies a 200 US gallon/757L storage box and explicitly states “Made in Israel by”, followed by Keter Plastic Ltd, 2 Sapir Street, Industrial Area, Herzliya 46852, Israel. This is direct manufacturer-origin documentation hosted on Dunelm’s own infrastructure and provides substantial evidence that the documented 757L product design has been manufactured in Israel. A separate manufacturer-hosted Denali 757L instruction document independently reproduces the Israeli manufacturing declaration. The evidence supports identifying an Israeli-manufactured Keter product line associated with Dunelm’s catalogue, although it does not independently establish the production location or manufacturing date of individual units held or supplied by Dunelm in October 2026.^{7, 8}

October 2026 - The Denali 757L assembly document hosted by Dunelm carries document identifier 5003891, while Keter’s separately hosted Denali 757L instructions carry identifier 5004202 and an internal document date of 4 August 2020. Both describe the same 757L capacity and identify Keter Plastic Ltd in Herzliya as the Israeli manufacturer. This cross-document corroboration strengthens the attribution of Israeli manufacture to the documented product line. However, neither document provides a current production-batch identifier, Dunelm purchase-order record, factory-specific traceability certificate, packaging-origin photograph, or verification that all subsequent production batches retained the same country of manufacture.^{7, 8}

October 2026 - no public evidence identified establishing the individual manufacturing origins of Dunelm’s listed Keter Samoa 270L Outdoor Storage Box, Keter XXL 870L Brown Storage Box, or Double BBQ Table. The three accessible Dunelm product pages identify Keter as the brand but do not state a country of manufacture. The Double BBQ Table’s linked instructions identify the Keter Unity XL product but provide no country-of-origin declaration on the inspected opening and closing pages. The Samoa and XXL assembly-instruction links returned document-size retrieval errors, preventing direct inspection of their origin declarations. Consequently, the three products are independently verified as Keter-branded retail merchandise, but their specific manufacturing origins remain unverified in this investigation.^{4, 5, 6, 12}

October 2026 - Primary manufacturer documentation establishes Israel as the declared manufacturing origin of the Keter Denali 757L (200 US gallon) storage-box product design associated with Dunelm product 1000217295. Dunelm’s own product-specific assembly-instructions PDF, document 5003891, explicitly declares “Made in Israel by” Keter Plastic Ltd, 2 Sapir Street, Industrial Area, Herzliya 46852, Israel. Keter’s independently hosted Denali 757L instructions, document 5004202, reproduce the same manufacturing-origin declaration and identify the product explicitly as DENALI 200 US GAL / 757L. The manufacturer document bears an internal date of 4 August 2020. These primary records directly qualify the existing audit statement under “Product origin” that no specific Dunelm product was verified as manufactured in Israel: a specific Dunelm-associated product design now has affirmative manufacturer-origin documentation identifying Israel. They also confirm the audit’s later October 2026 Denali 757L findings. The evidence establishes the declared Israeli manufacturing origin of the documented product design, but does not establish that every unit subsequently sold by Dunelm was manufactured in Israel, identify the factory or manufacturing date of Dunelm’s individual stock units, or demonstrate that production arrangements remained unchanged in October 2026. Accordingly, the defensible finding is a documented Israeli-manufactured Keter product design associated with Dunelm’s catalogue, with individual retail-unit origin and contemporary production continuity unverified.^{7, 8}

Investment, Capital & Financial Exposure

Foreign direct investment

Dunelm Group plc’s 2025 audited accounts identify wholly owned subsidiaries principally associated with the United Kingdom and Ireland, without naming an Israeli incorporated subsidiary.¹³

The group’s 2025 annual report records the acquisition of Homefocus Group Limited, an Irish retailer operating 13 stores, and the acquisition of Designers Guild brand and design assets.¹³

No public evidence identified of a Dunelm Group plc acquisition of an Israeli operating company.

No public evidence identified of an Israeli factory, distribution centre, data centre, research facility, logistics operation or property investment owned or controlled by Dunelm.

Acquired Israeli subsidiaries - explicit enumeration

The subsidiary schedule in the 2025 audited annual report identifies no Israeli operating company among the twelve listed wholly owned subsidiaries.¹³

No public evidence identified of an acquired Israeli subsidiary for which an acquisition date, purchase price, ownership percentage, Israeli manufacturing location, employee count, Israeli revenue or military/settlement relationship could be documented.

Research, development and innovation

No public evidence identified of a Dunelm-owned Israeli research centre, technology incubator, accelerator or Israeli state-supported innovation programme.

No public evidence identified of Israeli Preferred Technology Enterprise status or an Israeli government research grant awarded to Dunelm.

Financial investments

The 2025 financial statements record Dunelm Group plc’s investments in subsidiary undertakings at £77.4 million as at 28 June 2025, reflecting its corporate investment accounting.¹³

No public evidence identified of direct Dunelm Group plc portfolio investments in Israeli-domiciled companies, Israeli government securities, Israel Bonds or Israel-focused funds.

No public evidence identified of Dunelm acting as an Israeli sovereign-debt underwriter, state-bond distributor, military insurer or lender to Israeli defence contractors.

Shareholding and ownership

Dunelm Group plc identifies Sir Will Adderley as the holder of a notified 27.38% equity interest as at 27 June 2026, with Lady Nadine Adderley at 5.41% and Jean Adderley at 4.92%.¹⁴

At the same reporting date, the company disclosed Jupiter Fund Management PLC at 4.95%, Royal London Asset Management Limited at 4.91% and abrdn plc at 4.74%.¹⁴

Sir Will Adderley’s notified interest includes shares held through Stoneygate Trust and Paddocks Discretionary Trust, according to the company’s substantial-shareholder disclosure.¹⁴

The company identifies Sir Will Adderley as the owner of WA Capital Limited and a trustee of Stoneygate Trust.¹⁵

No public evidence identified of a specific Israeli investment made through WA Capital Limited, Stoneygate Trust or Paddocks Discretionary Trust.

No public evidence identified of an Israeli controlling shareholder of Dunelm Group plc.

Capital-flow act record

• Acting entity: Dunelm Group plc.
• Beneficiaries: Its subsidiaries and shareholders.
• Channel: Audited financial statements and shareholder disclosures on corporate.dunelm.com.
• Earliest financial observation: FY2024 comparative subsidiary investment balance.
• Latest observation: FY2026 shareholder disclosure.
• Status: Continuing UK-listed corporate ownership and investment structure.
• Israeli recipient or beneficiary: no public evidence identified.
• Audience: Investors, shareholders, regulators and the public.
• Communication persistence: Annual reporting for the relevant financial years; exact continuous web-publication duration not established.^{13, 14}

Historical and continuing investment distinction

The 2025 annual report identifies the November 2024 approval of the Irish Home Focus acquisition, which was followed by Dunelm’s entry into the Irish retail market.¹³

No public evidence identified of an Israeli investment continuing after 19 July 2024 or the ICC warrants issued in November 2024.

Operational Presence & Market Activity

Geographic operations

Dunelm Group plc’s 2025 annual report reports 202 stores across the UK and Ireland following its Irish expansion and UK store-opening programme.¹³

The group’s 2026 annual-report presentation describes Dunelm as a UK homewares market leader, reporting FY2026 revenue of £1,825 million and an estimated 7.9% share of the UK homewares and furniture market.¹⁶

No public evidence identified of Dunelm-operated retail stores, offices, fulfilment centres, warehouses or support centres in Israel or occupied territory.

Employment and tax

UK Companies House identifies Dunelm Group plc as an active public company registered in England and Wales, with its registered office at Watermead Business Park, Syston, Leicester.¹⁷

No public evidence identified of Israeli corporate tax residency, an Israeli VAT registration, an Israeli workforce or an Israeli payroll entity controlled by Dunelm.

Israeli market positioning

Dunelm’s accessible 2026 annual-report presentation identifies the United Kingdom as its central market and discusses the group’s operating performance and growth strategy.¹⁶

No public evidence identified of Israel being described by Dunelm as a strategic growth market, export destination, distribution hub or material operating geography.

Military and state operations

No public evidence identified of Dunelm operating supply facilities for the Israel Defense Forces, Israeli Ministry of Defense or Israeli government agencies.

No public evidence identified of Israeli reservist salary continuation, military-leave subsidies or an Israeli employee-support programme.

Charitable activity

Dunelm’s 2025 Sustainability Report describes community activity and charitable initiatives within its corporate sustainability reporting.²

No public evidence identified of a Dunelm donation, employee-matching payment or corporate sponsorship to an Israeli military-support organisation or settlement organisation.

Operational act record

• Acting entity: Dunelm Group plc and Dunelm (Soft Furnishings) Ltd.
• Recipients: UK and Irish retail customers.
• Channel: Corporate reporting on corporate.dunelm.com and UK Companies House registration records.
• Earliest observation: The UK operating-company records and FY2025 geographic disclosures.
• Latest observation: FY2026 corporate reporting.
• Status: Continuing UK/Ireland retail operations.
• Israeli operational recipient: no public evidence identified.
• Audience: Customers, shareholders and regulators.
• Publication duration: Recurring annual disclosures; individual page-publication durations not established.^{13, 16, 17}

Corporate Structure & Foundational Ties

Founding, incorporation and headquarters

Dunelm Group plc was incorporated in England and Wales on 23 March 2003 and is registered under company number 04708277.¹⁷

Dunelm (Soft Furnishings) Ltd was incorporated on 8 May 1987 under company number 02129238.¹⁸

Dunelm Limited was incorporated on 17 February 2004 under company number 05045977.¹⁹

The group and its principal UK operating companies use the Dunelm Store Support Centre at Watermead Business Park, Syston, Leicester, as their registered office.^{17, 18, 19}

No public evidence identified that Dunelm was founded in Israel or maintains an Israeli headquarters, dual headquarters or legacy Israeli domicile.

Israeli-Nexus Floor factors

• Israeli foundation: no public evidence identified; UK incorporation established.¹⁷
• Israeli headquarters or principal management: no public evidence identified; Leicester registered office established.¹⁷
• Israeli tax residency or Preferred Technology Enterprise status: no public evidence identified.
• Israeli beneficial ownership or control: no public evidence identified in the disclosed principal-shareholder structure.¹⁴

Integrated subsidiaries

The group’s audited subsidiary schedule records the following wholly owned entities as at 28 June 2025.¹³

The 2025 annual report distinguishes the Irish and Northern Irish subsidiaries from the parent company’s UK incorporated and domiciled subsidiaries.¹³

Controlling principals and named-person screening

The following named-person records use Dunelm’s 2026 leadership disclosures and its notified shareholder information.^{14, 15}

• Sir Will Adderley: Executive board member, founder-family principal and 27.38% notified shareholder; searched for Israeli investments, venture capital, defence and settlement organisations; no public evidence identified.^{14, 15}
• Lady Nadine Adderley: 5.41% notified shareholder; searched for Israeli investments and investment vehicles; no public evidence identified.¹⁴
• Jean Adderley: 4.92% notified shareholder; searched for Israeli investments and company interests; no public evidence identified.¹⁴
• Alison Brittain: Chair; searched for Israeli defence-industry, state and settlement-related economic relationships; no public evidence identified.¹⁵
• Clodagh Moriarty: CEO since October 2025; searched for Israeli investments, technology partnerships and defence relationships; no public evidence identified.^{15, 20}
• Karen Witts: CFO; searched for Israeli corporate investments, financial relationships and defence-industry directorships; no public evidence identified.¹⁵
• Ian Bull: Senior Independent Director; searched for Israeli investments, defence-industry directorships and settlement-related organisations; no public evidence identified.¹⁵
• Ajay Kavan: Non-executive director with disclosed senior advisory work at KKR; searched for personal Israeli investments, technology ventures and defence relationships; no specific attributable Israeli investment established.¹⁵
• Katharine Poulter: Non-executive director; searched for Israeli investments, settlement organisations and defence relationships; no public evidence identified.¹⁵
• Marion Sears: Non-executive director with disclosed investment-industry roles and a directorship at WA Capital Limited; searched for Israeli investments and defence-sector holdings; no specific attributable Israeli investment established.¹⁵
• Vijay Talwar: Non-executive director; searched for Israeli technology investments, defence and settlement relationships; no public evidence identified.¹⁵
• Dan Taylor: Non-executive director; searched for Israeli investments and defence-sector relationships; no public evidence identified.²¹

Named ownership and investment vehicles

• Stoneygate Trust: Trustee-linked shareholding vehicle associated with Sir Will Adderley; searched for Israeli property, corporate investments and settlement organisations; no public evidence identified.¹⁴
• Paddocks Discretionary Trust: Trustee-linked shareholding vehicle associated with Sir Will Adderley; searched for Israeli investments and settlement organisations; no public evidence identified.¹⁴
• WA Capital Limited: Separately disclosed company owned by Sir Will Adderley; searched for Israeli venture capital, defence and settlement-related investments; no specific Israeli investment established.¹⁵
• Jupiter Fund Management PLC: 4.95% notified shareholder; searched for Israel-related holdings and Dunelm-attributable investments; no specific Dunelm-attributable Israeli economic relationship established.¹⁴
• Royal London Asset Management Limited: 4.91% notified shareholder; searched for Israeli securities and settlement exposure; no specific Dunelm-attributable Israeli economic relationship established.¹⁴
• abrdn plc: 4.74% notified shareholder; searched for Israeli portfolio holdings and settlement exposure; no specific Dunelm-attributable Israeli economic relationship established.¹⁴

Corporate control

Companies House records Dunelm Group plc as the active person with significant control of Dunelm Limited, holding at least 75% of its shares and voting rights.²²

No public evidence identified of an Israeli state golden share, Israeli government board appointment, Israeli controlling shareholder or governance restriction connecting Dunelm to Israeli state policy.

UN and settlement-related business screening

The United Nations Human Rights Office’s 2025 database update identified 158 companies involved in specified settlement-related activities; its September 2026 update brought the published total to 214 companies following additional assessments and removals.^{23, 24}

The UN Human Rights Council’s September 2026 presentation confirmed that the reporting framework distinguishes businesses involved through causation, contribution or direct linkage, and that 255 enterprises remained unassessed in that reporting cycle.²⁵

No public evidence identified establishing Dunelm Group plc or a named subsidiary as a listed settlement enterprise in the accessible material examined.

Group-structure act record

• Acting entity: Dunelm Group plc.
• Recipients/beneficiaries: Its wholly owned subsidiaries and their business operations.
• Channel: Audited group accounts and corporate governance disclosures on corporate.dunelm.com, corroborated by Companies House.
• Earliest observation: Corporate registrations beginning in 1987 and the group’s 2003 incorporation.
• Latest observation: FY2026 governance and shareholder disclosures.
• Status: Continuing corporate structure, subject to subsequent changes not established by the accessible records.
• Israeli ownership, state-control or subsidiary beneficiary: no public evidence identified.
• Audience: Shareholders, regulators and the public.
• Communication persistence: Statutory filings and recurring annual reports; exact uninterrupted website-publication period not established.^{13, 14, 17, 18, 19}

Profit Repatriation & Economic Contribution

Revenue attribution

Dunelm Group plc reported FY2026 sales of £1,825 million, representing 3.1% growth, and characterised its market leadership primarily in relation to the United Kingdom.¹⁶

No public evidence identified of a separately reported Israeli revenue segment, Israeli customer-sales figure or Israeli operating profit.

Profit distribution

Dunelm Group plc’s FY2025 financial statements document parent-company and subsidiary investment relationships, intercompany balances and shareholder distributions within the consolidated group.¹³

No public evidence identified of profits being repatriated to an Israeli-domiciled parent or beneficial controller.

No public evidence identified of profits generated by an Israeli Dunelm operating subsidiary being transferred to the UK or another jurisdiction.

Tax contribution

Dunelm maintains a published corporate tax-governance framework, including a Tax Strategy dated 4 February 2026.²⁶

No public evidence identified of Israeli corporation tax, VAT, royalties, payroll taxes or other fiscal contributions specifically paid by Dunelm Group plc or its controlled subsidiaries.

Economic ecosystem role

No public evidence identified of Dunelm being designated by an Israeli government authority as a major employer, strategic supplier, critical-infrastructure operator or sector-leading domestic company.

No public evidence identified of Dunelm Group plc holding an Israeli government procurement contract or receiving Israeli state investment incentives.

Constructive-notice chronology

The company’s FY2025 reporting documents an Irish commercial acquisition approved in November 2024, after 19 July 2024 and during the month in which ICC arrest warrants were issued; the reported acquisition concerned Homefocus Group Limited in Ireland.¹³

The 2026 Modern Slavery Statement documents continuing global sourcing activities and supplier oversight, without establishing a named Israeli supplier relationship.¹

No public evidence identified of a verified Israeli or settlement-related Dunelm economic relationship continuing after 19 July 2024 or November 2024.

Economic contribution act record

• Acting entity: Dunelm Group plc.
• Recipients: Customers, employees, suppliers and shareholders within its documented commercial operations.
• Channel: Annual reports, financial statements and corporate tax disclosures hosted on corporate.dunelm.com.
• Earliest observation: FY2025 financial reporting and comparative FY2024 data.
• Latest observation: FY2026 corporate reporting.
• Status: Continuing commercial operations.
• Israeli economic recipient: no public evidence identified.
• Israeli revenue, taxation or profit repatriation: No separately verifiable amount established.
• Audience: Shareholders, regulators, commercial counterparties and the public.
• Communication persistence: Annual reporting cycles; exact individual publication durations not established.^{13, 16, 26}

October 2026 - Dunelm Group plc’s primary FY2026 financial disclosures establish total sales and consolidated revenue of £1,825.5 million for the 52 weeks ended 27 June 2026, compared with £1,771.0 million in FY2025, representing 3.1% year-on-year growth. The company’s 8 September 2026 Preliminary Results report £1,825.5 million in both the financial highlights table and consolidated income statement, while the accompanying narrative and corporate annual-report webpage use £1,825 million. The figures therefore represent different levels of reporting precision within the same issuer disclosures: £1,825.5 million is the financial-statement figure to one decimal place, while £1,825 million is the company’s abbreviated headline presentation. The existing audit statement under “Revenue attribution” reporting £1,825 million and 3.1% growth is confirmed as consistent with Dunelm’s headline disclosure, but requires a precision qualification: £1,825.5 million is the authoritative figure for detailed financial analysis. The same qualification applies to the existing £1,825 million statement under “Geographic operations”.^{27, 16}