Disposal

BWD Securities PLC
20 January 2003



FOR IMMEDIATE RELEASE


                           BWD SECURITIES PLC ('BWD')
             PROPOSED SALE OF THE ADMINISTRATION SERVICES DIVISION



BWD, the investment management group, announces that it has agreed to sell its
Administration Services Division (which comprises Northern Registrars Limited,
Northern Administration Limited and the Connaught St Michaels group) to Capita
IRG Plc for a cash consideration of approximately £18.47 million.  BWD has also
agreed to sell the principal property occupied by the Administration Services
Division in Huddersfield for a further cash consideration of approximately £1.42
million.  The sale is conditional on the approval of the shareholders of BWD and
on the approval of the Financial Services Authority. A circular convening an
Extraordinary General Meeting to approve the sale will be sent to shareholders
as soon as practicable and the Extraordinary General Meeting is expected to be
held during February 2003.



The Administration Services Division is expected to have aggregate net assets at
completion of approximately £6.8 million (which includes goodwill of
approximately £3.5 million).  Northern Registrars Limited and Northern
Administration Limited achieved aggregate profits before tax of £1.1 million for
the year ended 30 November 2001.  Connaught St Michaels achieved profits before
tax of £0.5 million in the year ended 31 March 2002.



Mike Burns, Chief Executive of BWD commented : ' We have concluded that BWD's
key strategic priority is to grow its core business of  the provision of
investment management services to the private client market. Whilst the
Administration Services Division has developed successfully , the sale of the
business provides us with the financial flexibility to grow our core business
both organically and through acquisition.'



BWD is being advised on the proposed sale by Intelli Corporate Finance Limited.
BWD intends to release its preliminary statement of results for the year ended
30 November 2002 on 11 February 2003.



Enquiries


BWD Securities PLC

Mike Burns                  Chief Executive             0151 227 2030
Jonathan Wragg              Finance Director            01484 607 722



Intelli Corporate Finance Limited


Malik Karim                 Managing Director           020 7653 6300
Simon Yun-Farmbrough        Director                    020 7653 6300


Hudson Sandler


Nick Lyon                                               020 7796 4133



Intelli Corporate Finance Limited, which is regulated in the United Kingdom by
The Financial Services Authority, is acting exclusively for BWD and no one else
in relation to the matters referred to herein and will not be responsible to
anyone other than BWD for providing the protections afforded to clients of
Intelli Corporate Finance Limited or for providing advice in relation to the
contents of this announcement or any transaction or arrangement referred to
herein.



This announcement does not constitute any offer to sell or invitation to
purchase any securities or the solicitation of any vote or approval in any
jurisdiction.



The release, publication or distribution of this announcement in certain
jurisdictions may be restricted by law and therefore persons in such
jurisdictions into which this announcement is released, published or distributed
should inform themselves about and observe such restrictions.



Notes to Editors:



•  BWD is an investment management business with offices in London,
   Liverpool, Leeds, Sheffield, Manchester, Glasgow and Belfast.  From these
   offices, BWD offers a full range of financial services to private and 
   corporate clients, including investment management, financial planning and 
   stockbroking.



•  BWD continues to concentrate on growing its businesses, through fee,
   as opposed to transaction-based revenue.




                      This information is provided by RNS
            The company news service from the London Stock Exchange