Sale of Aerospace Division

RNS Number:5705J
L. Gardner Group PLC
02 April 2003


On 20 March 2003 L Gardner Group plc, whose shares have been suspended since 9
January 2003, announced that its bankers had appointed administrative receivers
to the Company and Gardner Aerospace Limited in exercise of powers contained
within security held by its bankers.  The L Gardner Group's indebtedness to its
bankers exceeded #55 million.

On the same date, and following the appointment of the administrative receivers,
ABN Amro Capital and Dunedin Capital Partners announced that they had co-led a
management buy-out of Gardner Aerospace Division from the receivers.  The
management has been led by Steve Hollis (CEO), Simon Frost (Chairman), Nick
Gutteridge (Business Development Director) and Ian Whybrow (Finance Director).
The value of the transaction was #21.5 million including working capital.

Having regard to the high levels of group indebtedness and the fact that the
non-aerospace subsidiaries of the L Gardner Group are already in receivership,
it is unlikely that receivership realisations will be sufficient to result in
any funds being available for  shareholders of

L Gardner Group plc.


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            The company news service from the London Stock Exchange
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