Result of Tender Offers

Peel Hldgs PLC
26 June 2000

                             Peel Holdings p.l.c.                             
                                                                              
                          ('Peel' or the 'Company')                           
                                                                              
                           Results of Tender Offers                           

On 1 June 2000 the Company announced tender offers made by Credit Lyonnais
Securities for the Company's ordinary shares at 700 pence per share and its
convertible preference shares at 250 pence per share up to a maximum of £80
million.

The board of Peel announces that by 3.00pm on 23 June 2000, the closing date
for the tender offers, valid tenders had been received in respect of a total
of 8,517,560 ordinary shares and 7,225,635 convertible preference shares,
which represents 11.5 per cent. of Peel's ordinary share capital (with full
voting rights) and 31.4 per cent. of Peel's convertible preference share
capital in issue on 23 June 2000.

Peel will subsequently purchase all ordinary shares and convertible preference
shares which will be acquired by Credit Lyonnais Securities under the tender
offers, subject to the Company and Credit Lyonnais Securities entering into a
share buyback contract and the tender offers and the share buyback contract
being approved at an extraordinary general meeting and separate class meetings
of the ordinary and convertible preference shareholders of the Company to be
held on 11 July 2000.  The tender offers will become unconditional once such
shareholder approval has been given and the buyback contract has been entered
into by the Company and Credit Lyonnais Securities.

Enquiries:

Peter Scott, Peel Holdings p.l.c.               0161 629 8200
Richard Bailey, N M Rothschild & Sons Limited   0161 827 3800
Nick Naylor, Credit Lyonnais Securities         0207 588 4000