Offer Update

Hill & Smith Hldgs PLC
24 November 2000

Hill & Smith Holdings PLC ('Hill & Smith') Recommended Offer for Ash & Lacy
plc ('Ash & Lacy')

Following the announcement on 16 November 2000, Hill & Smith is now in a
position to make arrangements for the compulsory acquisition of the
outstanding shares in Ash & Lacy which it does not already own (amounting to
1,785,062 Ash & Lacy shares representing approximately 4.88 per cent. of the
issued share capital of Ash & Lacy).

Accordingly, a notice under section 429 of the Companies Act 1985 has today
been sent to Ash & Lacy and non assenting Ash & Lacy shareholders informing
them that Hill & Smith intends to exercise its rights under that section to
acquire the shares in Ash & Lacy held by such shareholders.