Further re Acquisition

RNS Number:1859N
Murgitroyd Group PLC
04 July 2003

Murgitroyd Group PLC ('the Company')



Further re Acquisition of Cabinet Bonneau EURL ("Cabinet Bonneau")





The Company is pleased to announce that, further to the announcement made on 8
May 2003, the acquisition of the trade and assets of Cabinet Bonneau has now
been completed following the conclusion of due diligence.   Principally for tax
reasons, the consideration for the acquisition was increased from that detailed
in the announcement of 8 May from Euro125,000 to Euro255,000.  As part of the change
in the structure of the consideration, Mr Bonneau will now be paid a lower
salary for his agreed two year post acquisition employment period.  As a result
of these changes, the overall net cash outflow effect on the Company over the
two year period will be marginally reduced from that negotiated in the original
Heads of Terms.



The acquisition is not a substantial transaction in terms of the Rules of the
Alternative Investment Market of the London Stock Exchange.



Ian Murgitroyd, Chairman, stated:



"We believe that this acquisition is a clear step forward in the pursuit of our
pan European policy."



Enquiries:



Alasdair Robinson , Noble & Company Limited
0131 225 9677


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

FURNKQKPBBKDNOK