Exercise of Option to Acquire Nicholson Barber

BWD SECURITIES PLC
29 October 1999

                       BWD Securities PLC ('BWD')
             Exercise of option to acquire Nicholson Barber

BWD announces that it has exercised its option to acquire the entire
issued share capital of Nicholson Barber and that the acquisition was
duly completed today.

Enquiries:                           
                                     
Mike Burns                           0151 227 2030
Chief Executive, BWD                 
                                     
David Forbes                         0113 243 4347
NM Rothschild & Sons