Acquisition

Close Brothers Group PLC
30 March 2001


                  Press announcement: for immediate release


                                                                 30 March 2001


            CLOSE BROTHERS GROUP PLC ('CLOSE BROTHERS') ANNOUNCES

                              THE ACQUISITION OF

                K.C. FINANCE (JERSEY) LIMITED ('K.C. FINANCE')


Close Brothers announces that it has today acquired all of the issued share
capital of K.C. Finance from a subsidiary of Great Universal Stores PLC for a
consideration of £50.4 million. The acquisition has been made by Close Finance
(CI) Limited, a newly formed company in which the existing management of K.C.
Finance have a small minority interest.

Capitalised with an equity allocation of up to £7 million, Close Finance (CI)
Limited is expected to achieve an attractive return on capital in a local
economy where the historical credit records of customers have been
particularly good. The business will form part of the asset financing division
within Close Brothers' banking activities.

K.C. Finance is a long established business based in Jersey with
representation in Guernsey and has been trading for more than 30 years. Its
principal business is the provision of hire purchase facilities to companies
and individuals resident in Jersey and Guernsey, with cars and commercial
vehicles being the largest category of assets financed. The current loan book
is approximately £57 million.

The net assets being acquired are estimated to be £51 million. The purchase
consideration has been settled by the payment of £46.3 million in cash
together with the issue by Close Finance (CI) Limited to the vendor of £4.1
million of loan notes, expected to be redeemed over a four year period. In
addition, Close Brothers has procured the settlement at completion of K.C.
Finance's group indebtedness amounting to a further £4.1 million. In the
financial year ended 31 March 2000, K.C. Finance earned profits after tax of
approximately £3.7 million.


Press enquiries:

Stephen Hodges

Director

Close Brothers Group plc                    020 7426 4000