Acquisition

RNS Number:5800J
Vantis PLC
03 April 2003

For Immediate Release                                              3 April 2003


                                   Vantis plc
                          ("Vantis" or the "Company")

             Acquisition of the non-audit business of Beavis Walker


Vantis,  the accountancy and professional advisory group, is pleased to announce
the acquisition of the non-audit business of Beavis Walker ("BW").

Beavis Walker is a long established, seven-partner, firm based in London. It
brings to Vantis complementary strengths in corporate finance, together with
expertise in forensic accounting, particularly expert witness and litigation,
and accountancy outsourcing for subsidiaries of overseas firms.

Beavis Walker is a founder member of Inpact International, the international
network of independent accountancy firms, which supports the servicing of
international companies, UK firms seeking business overseas and foreign
organisations looking to do business in the UK. Inpact International's 154
member firms, which operate from 259 locations in 61 countries throughout
Europe, Asia/Pacific and the Americas, will enhance Vantis' reach into
international markets.

Six partners of the Beavis Walker team plus their support staff join Vantis and
will relocate to the Vantis City office, to be cost efficient and to facilitate
rapid integration into Vantis.

The unaudited partnership accounts of BW show that in the year ended 31 March
2002, BW generated profits attributable to the partners of #729,000 on turnover
of #2,749,000, including #137,000 of movement in work done. Under the terms of
the acquisition of BW, Vantis will acquire maximum net assets of #727,205.

The above results include the audit business of BW, which is not being acquired
by Vantis. The Directors of Vantis estimate that BW's non-audit turnover being
acquired amounts to approximately #2,285,000 per annum, from which Vantis
expects pre-tax profits to be approximately #717,000 after accounting for some
of the cost savings arising from the integration process, but after charging
remuneration for the partners of Beavis Walker.

The maximum consideration for the acquisition will be #5,191,297.  This is to be
satisfied, at completion, as  to #1,666,921 by the issue to the partners of BW
of 1,972,688 ordinary shares of 10p each in Vantis, valued at 84.5p per share
and #420,000 payable in cash. The balance of the consideration is deferred over
a maximum period to 31 December 2007 and is payable by the issue, to the
partners of BW, of up to #1,411,168 of loan notes and up to #1,693,208 payable
in cash, dependent upon the performance of BW over the period to 31 December
2007.

The loan notes are unsecured and interest free. Of the loan notes, #711,168 are
convertible, redeemable loan notes. These loan notes are redeemable in equal
tranches at six monthly intervals from 31 March 2004 to 30 September 2007 and
have a conversion rate of #9 of loan notes to every new Vantis share. The
remaining #700,000 of loan notes are non-convertible, with the opportunity for
redemption in equal tranches at six monthly intervals from 30 June 2004 to 31
December 2007.

Of the new ordinary shares, three-fifths are subject to a lock-in agreement
until 30 April 2007, one-fifth are locked-in until 30 April 2006 and the
remaining one-fifth until 30 April 2005.

Application will be made for the new ordinary shares in Vantis plc to be
admitted to trading on AIM. Admission is expected to occur on  8 April 2003.

Commenting on the acquisition, Paul Jackson, Chief Executive, Vantis plc said:

"This acquisition further strengthens and broadens the scope of our operation
within central London. In addition to its experienced personnel and well
established client base, Beavis Walker brings  high level expertise to the
Vantis group, particularly in corporate finance, forensic accounting and through
access to the global network of accountants, Inpact International."

"This is an exciting acquisition for us. Not only will current Vantis clients
benefit from the new skills and services Beavis Walker brings to the group, but
their client base will have access to the wide range of specialist skills
already available within Vantis, including corporate finance, management
consultancy, business recovery, customs duty recovery and advisory services,
asset finance and independent financial advice."



For further information, please contact:

Paul Jackson, Chief Executive
Paul Ashton Executive Director, M&A
Vantis plc                                           020 7417 0417

Richard Darby/Suzanne Dunne
Buchanan Communications                              020 7466 5000



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