Disposal of property units

GRESHAM HOUSE plc

                         36 Elder Street, London E1 6BT



Re: Disposal of property units



In  the  Chairman's  statement dated 27th September, 2004  included  within  the

Interim  Results for the six months ended 30th June, 2004 it was  reported  that

the  Group was in advanced negotiations to dispose of a significant part of  the

property portfolio.



The  Company announces that the simultaneous exchange and completion took  place

on Friday 8th October, 2004 in respect of the disposal of nine property units in

Knowsley, Lancashire for a sum of £19.75m, subject to retentions of £3.4m  which

will be released as soon as certain conditions have been met. The carrying value

of  these  property units was £19.25m as at 30th June, 2004. Bank borrowings  of

£7m  have already been repaid resulting in an immediate net cash inflow  to  the

Group, after bank repayments and professional fees, of £8.8m.



Enquiries:     A P Stirling

          Gresham House plc 020 7588 7352