Further re Disposal

RNS Number:1981S
Austin Reed Group PLC
18 November 2003

  RECEIPT OF DEFERRED CONSIDERATION OF #1.3M FOR THE SALE OF CHESTER BARRIE

On 11 September 2000 Austin Reed Group PLC (the "Group") announced the sale to
Thompson Holdings (London) Limited of the Chester Barrie business together with
the shares in its subsidiaries Chester Barrie and Chester Barrie (US) Limited
(the "Business"). Under the terms of the sale agreement in addition to the
proceeds from the disposal, which were received on completion in October 2000,
the Group was also entitled to additional deferred consideration. This deferred
consideration was conditional upon Thompson Holdings (London) Limited disposing
of the property at Crewe where the Business was based.

Since October 2000 the ownership of the Business had changed and the
manufacturing facilities have been relocated to a nearby site in Crewe. Earlier
this year the property to which the deferred consideration related received
detailed planning consent for use as a retail warehouse and on 14 November 2003
the sale of the property was completed.

As a result of these developments the Group received #1.3m on 17 November 2003
in full payment of the deferred consideration. This amount will be used to
reduce Group borrowings and will be shown as an exceptional gain in the Group's
accounts for the year to January 2004.


Enquiries:
 
Austin Reed Group PLC
Roger Jennings, Group Chief Executive       Tel: [phone]
Geoff Gibson, Group Finance Director 
www.austinreedgroup.co.uk

Gavin Anderson & Company
Deborah Walter/Charlotte Stone              Tel: [phone]


18 November 2003


                      This information is provided by RNS
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