Tender Offer

Caffyns PLC
26 March 2002

                            Caffyns plc ('Caffyns')

                 Tender offer for up to 498,555 Ordinary Shares

                        at 455 pence per Ordinary Share

Caffyns plc ('Caffyns') announces that it has today offered, through Beeson
Gregory, to repurchase up to 498,555 ordinary shares of 50p each ('Ordinary
Shares') in Caffyns at a price of 455 pence per share, free of all commissions
(the 'Tender Offer'). The total consideration to be paid by Caffyns will be up
to approximately £2.27 million.

The 498,555 Ordinary Shares which are the subject of the Tender Offer represent
14.7 per cent of the Ordinary Shares in issue and 9.2 per cent of the total
voting shares. Following the Tender Offer, all of the shares purchased pursuant
thereto will be cancelled and, assuming the Tender Offer is taken up in full,
the issued ordinary share capital will be reduced to 2,898,901 Ordinary Shares.

Caffyns has received an irrevocable undertaking from British Empire Securities
and General Trust Plc, which holds 680,500 Ordinary Shares, that it will tender
its entire holding of Ordinary Shares for repurchase and cancellation, subject
to any scale down that will be necessary.

Terms of the Tender Offer

  • The Tender Offer is open only to shareholders on the register at the close
    of business on 25 March 2002

  • The Tender Offer will close at 4.30pm on 2 April 2002 and no tenders
    received after that time will be accepted

  • Shareholders may elect to tender all or part of their holding in the
    Company. If the total number of shares tendered by all shareholders is
    greater than 498,555 Ordinary Shares, the tenders will be reduced pro rata
    to the number of Ordinary Shares tendered

  • The Tender Offer is conditional upon the receipt of tenders in respect of
    at least 33,975 Ordinary Shares, representing 1 per cent. of the issued
    ordinary share capital

  • All tenders will be irrevocable

  • Save for the condition above, Ordinary Shares successfully tendered will
    be acquired by Beeson Gregory on behalf of the Company free from all liens,
    charges and encumbrances and with all rights attaching to and/or deriving
    from them

  • It is expected that the results of the Tender Offer will be announced on 3
    April 2002.


Procedure for tendering and settlement

Any shareholder who wishes to tender all or part of his holding of Ordinary
Shares should contact his own stockbroker and instruct him to register with
Beeson Gregory the number of Ordinary Shares he wishes to tender. Beeson Gregory
may be contacted on 020 7071 4304 during normal office hours not later than 4.30
pm on 2 April 2002.

It is expected that cheques will be dispatched, or appropriate arrangements made
in accordance with CREST assured payment arrangements, to shareholders whose
tenders are accepted by 9 April 2002.

Beeson Gregory which is regulated by The Financial Services Authority, is acting
for Caffyns plc in connection with the Tender Offer and for no-one else and,
accordingly, will not be responsible to any other person for providing
protections afforded to its clients or for advising any other person on the
Tender Offer.


Enquiries:


Caffyns plc

Simon Caffyn or Mark Harrison     01323 730201






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