Acquisition

RNS Number:2165N
Savoy Asset Management PLC
07 July 2003

Stock Exchange Announcement


Embargoed for release until 7.00 a.m. on Monday 7th July 2003:


Savoy Asset Management PLC


7th July 2003


Acquisition of Barnes & Hedgecock Limited (B & H)


Savoy is pleased to announce the acquisition of the entire share capital of B &
H, a firm of independent financial advisers located in Verwood, close to
Bournemouth in Dorset.  B & H specialises in the provision of financial services
to high net worth individuals, mainly in investment-based products, and it
services approximately 700 clients, most of whom are located in the South West
of England.  The Company has funds under management in excess of #44 million.
The acquisition of B & H will complement Savoy's existing independent financial
advice activities carried out through its subsidiary, Savoy Financial Planning
Limited, based in Shaftsbury, Dorset.  Malcolm Barnes, chief executive of B & H,
has entered into a three-year service contract and will continue to manage all
the activities of B & H.


The initial consideration paid by Savoy was #50,000, with further consideration
of #235,000 payable over an eighteen-month period, subject to certain conditions
being fulfilled.  In addition, 116,279 ordinary 10p shares in Savoy have been
issued to the Vendor, to be held in escrow for three years and will only vest if
certain income targets are achieved.  Further consideration may also be payable
if certain income and profits targets are achieved by B & H over the three-year
period following completion of the transaction.


The audited net assets of B & H at 31st December 2002 were #26,448 and the
turnover and profits before tax for that year were #194,202 and #7,843
respectively.


Enquiries:


Paul Tarran - Savoy Asset Management PLC                           020 7659 8083


David Nabarro - Nabarro Wells & Co. Limited                        020 7710 7409

                      This information is provided by RNS
            The company news service from the London Stock Exchange
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