Further UK Expansion

McInerney Holdings PLC
23 June 2003

Monday, 23rd June 2003



                      MCINERNEY PLANS FURTHER UK EXPANSION

McInerney Holdings plc today announced that in line with its substantial growth
plan for its UK business, it has put in place a revolving committed banking
facility of €21m (STG £15m) to support and develop McInerney Group UK. The UK
subsidiary has consolidated its banking facilitates centrally with The Royal
Bank of Scotland Corporate Banking Office in Manchester and this will assist the
company in financing an ambitious expansion programme for residential
development activities in the north west of England.

McInerney Holdings plc states one of its primary objectives is to achieve
substantial growth in its UK business. It plans to progressively increase the
development activities of its three brands in the UK - Charlton Homes,
Hargreaves Homes and SPACE.  In 2002, 310 housing units on 14 different sites in
the north west region were completed by McInerney Group UK.  It is targeting
over 450 units for 2003 and to progressively increase its market share,
throughout the north of England.

According to Barry O'Connor, Managing Director, McInerney Holdings plc, this new
banking facility supporting the Group equity commitment, means the capital is
now in place to roll out the Group's ambitious growth objectives within the UK
market.  The Group recently purchased four new UK sites adding 135 plots to the
landbank. In addition, a further 405 plots are expected to be purchased across
the summer. These new sites will widen the geographical spread of McInerney's
operations in the north west of England with sites now secured for the first
time in the Staffordshire and West Yorkshire areas.

'We are pleased to have negotiated committed banking facilities for our UK
operation with The Royal Bank of Scotland, a major player in the UK banking
market. Our UK operation recorded significant growth in 2002. It is now a key
profit centre for the Group. We aim to increase our development activities to
take best advantage of the buoyant north west England housing market. Our three
operating UK subsidiaries, Charlton Homes, Hargreaves Homes and SPACE are
experiencing significant integration synergies and their combined operations
provide the Group with a solid operation servicing the region.  Our target
product sectors of starter and middle market homes, as well as city centre
apartment developments have experienced strong demand in recent times.  UK
economic indicators for the north west region indicate that this healthy demand
will continue and we are ideally placed with both product and capacity to grow
organically within this market,' says Barry O'Connor. 'Further growth by
acquisition of new businesses to increase geographical spread will also be
pursued.'



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Keith Alderson, Regional Director, Corporate Banking at The Royal Bank of
Scotland in Manchester added 'As a relationship bank we are committed to helping
our customers succeed and achieve their business ambitions.  We are delighted to
be providing McInerney Group UK with a tailored financial solution, allowing
them to achieve their goals.  Understanding our client's business challenges and
requirements was critical in the provision of the financial offering.  We look
forward to continuing to work with them as their business develops in the years
ahead.'



                                     ENDS

FOR INFORMATION:

Siobhan Molloy                           Tel: [phone]

Weber Shandwick FCC                      or (086) 817 50 66



About McInerney Holdings plc

McInerney Holdings plc is one of Ireland's leading development companies, with
divisions specialising in various aspects of the construction market. McInerney
Holdings plc comprises four divisions operating in Ireland, Spain and the United
Kingdom. Established in 1909, the company is Ireland's largest national
homebuilder, and undertakes extensive commercial and leisure projects both in
Ireland and abroad. The company is listed on the Dublin and London Stock
Exchanges (ISE: MCI.I/LSE: MCI).



This announcement has been issued through the Companies Announcement Service of
                           the Irish Stock Exchange.






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