Acquisition

RNS Number:1810S
Park Group PLC
18 November 2003


18 November 2003

         Park Group Acquires Home Collected Credit Loan Book for #2.3m


Park Group plc, the Birkenhead-based financial services specialist, is acquiring
the business and assets of the North East and North West regions of Mirfield
Financial Services Limited for #2.3m in cash, payable from Park's own resources.
Of the total consideration, #1.7m will be paid on completion and the balance
on confirmation of the loan book.


The acquisition adds approximately 9,000 new customers with outstanding balances
of #3.5m to Park's established cash lending business in the North East and North
West of England.  The assets being acquired, after allowing for bad debt
provisions and deferred income, amount to #1.6m.


Commenting on the transaction, Peter Johnson, chairman of Park, said: "We are
pleased to be making this acquisition which will add significantly to our
established presence in the North East and North West.  Park's existing cash
lending operations already extend to North Wales, the Midlands and East and West
Scotland and the aim is to continue to develop our coverage of those regions in
which we see good scope for future growth."


Park Direct Credit, the group's home collected credit subsidiary operating from
39 branches, services a total of 75,000 customers with outstanding balances
amounting to #23m.


Park Group's other main business is a #173m turnover cash savings operation with
500,000 customers who save weekly throughout the year for Christmas hampers and
gift vouchers.  Park's High Street Gift Voucher is the country's largest
multi-redeemable voucher, exchangeable at over 18,000 retail outlets throughout
the UK.  The voucher is also being targeted increasingly at the growing
incentives market.


Enquiries:


Chris Houghton, Finance Director, Park Group plc

Andy Wright, Managing Director, Park Direct Credit Limited

Tel: [phone]



Issued on behalf of Park Group plc by Tavistock Communications Limited (contact
Keith Payne, on 020 7920 3150)

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