Acquisition

RNS Number:1492Q
Dipford Group PLC
25 September 2003




Dipford Group plc (" Dipford" or the "Group") acquires national business
transfer agents


Dipford is pleased to announce that on 24 September 2003 it entered into an
agreement to acquire Dowling Kerr Limited, an owner managed, national business
transfer agency which currently operates from its two UK offices in Holmfirth
and Luton.  The completion of this acquisition is subject to the placing and
consideration shares being admitted onto the Alternative Investment Market 
("AIM").


The acquisition of Dowling Kerr will benefit Dipford by providing the Group with
coverage of the whole country as well as specific expertise in a number of niche
sectors.  The directors believe this will increase deal flow across the Group
through cross-specialisation and national coverage and enhance its ability to
pursue market opportunities and future growth in the business transfer agency
market.


The consideration for the acquisition is a maximum of #2,095,000 which will be
satisfied as to 803,572 shares and up to #1,612,857 in cash dependent on the
completion accounts.  Dipford has raised #1 million, before expenses, by a cash
placing of 1,785,715 new ordinary shares at 56 pence per share.  In addition,
Dipford will issue 32,358 new ordinary shares to a Redwoods regional director
who joined the Group in June 2003.  An application has been made for the placing
shares, the consideration shares and the shares for the new Redwoods agent to be
admitted to AIM and dealing is expected to commence on 30 September 2003.


For the financial year ended 31 December 2002 Dowling Kerr generated a profit
before tax of #341,000 on a turnover of #1.3 million and as at 31 December 2002
had net assets of #643,000.


Jonathan Custance Baker, Chairman, Dipford Group plc says:-

"The acquisition of Dowling Kerr is a significant step forward for the Group and
strengthens our position in the business transfer sector.  The placing of new
ordinary shares by Rowan Dartington & Co has been well received by investors and
extended the list of institutional shareholders.


Subject to the shares being admitted to AIM, the enlarged Group will provide a
truly national coverage and depth of knowledge that will enable us to strengthen
our share in the business transfer market through increased deal flow."



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For further information, please contact:-


Jonathan Custance Baker, Chairman
Dipford Group plc                          01392 256800

Roland Cross, Director
Broadgate                                  020 7726 6111

Barrie Newton, Managing Director
Rowan Dartington                           0117 933 0000



Notes to Editors

Dipford Group plc is a holding company formed to acquire businesses offering
services as agent in the buying and selling of businesses capitalised at under
#20 million.

Dipford was publicly listed on AIM on 12th February 2002, and has since launched
a new corporate broking boutique - Prism Corporate Broking - with offices in
Bristol, Exeter, Cardiff and Cambridge.  The Group's most recent acquisition was
in October 2002 when it joined forces with Redwoods Business Agents, aiming to
build a national network of business transfer agents.

Independent of accounting and law firms, the Group has a national network of
offices offering locally-available corporate broking and business transfer
services of the highest quality.

The Group focuses on two different business areas with offices and staff
appropriate to each:

a) corporate broking for businesses in the SME sector; and

b) business transfer agents acting for smaller businesses.

The Group is actively engaged in the process of identifying further potential
partners in each of the above categories.




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