Acquisition

Close Brothers Group PLC
05 January 2005



             CLOSE BROTHERS GROUP PLC ("CLOSE BROTHERS") ANNOUNCES
 THE ACQUISITION OF THE MOTOR FINANCE LOAN BOOK OF SINGER & FRIEDLANDER FINANCE
                            LIMITED ("S&F FINANCE")

Close Brothers announces that it has reached agreement with Singer & Friedlander
plc for the acquisition of a substantial proportion of the loan portfolio of S&F
Finance. The assets being acquired are loan agreements for the purchase of
predominantly used cars. The purchase will be made by Close Brothers' banking
subsidiary, Close Brothers Limited, and will be funded from the bank's existing
resources. The loans will be collected out by Close Motor Finance Limited, the
bank's motor finance subsidiary. Completion is expected to occur on 7 January
2005.

The consideration for the assets being acquired is approximately £131 million,
subject to a completion balance sheet audit, and will be paid in cash. The
consideration reflects a discount to book value of £2.2 million. An escrow
account of £2 million will be established to cover bad debts incurred in excess
of the doubtful debt provisions at completion.

Commenting on the acquisition, Mr Hodges, Chairman of Close Brothers Limited,
said "Close Motor Finance is well placed to collect out these loans profitably.
This acquisition will result in Singer & Friedlander's exit from the consumer
motor finance market and give us access to a number of independent motor
dealers, from whom further car loan finance opportunities may be forthcoming."

Press enquiries:

Close Brothers Limited: Stephen Hodges - 020 7426 4000

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