Holding in Company

Stagecoach Theatre Arts PLC 
19 December 2001


         Stagecoach Theatre Arts plc ('Stagecoach' or the 'Company')


                           Substantial Shareholder

The Company was informed on 18 December, 2001 that following Stagecoach's
recent placing and offer, raising £3.3 million, and admission to AIM, Friends
Ivory & Sime has an interest in 900,000 ordinary shares of 5p each ('Ordinary
Shares'). The above interest is beneficially held and registered as follows:

Name                 No of      % of issued ordinary share    Registered Holder
                    shares                capital

Baronsmead VCT2     450,000                4.64                Chase Nominees
plc                                                                  Ltd

Baronsmead VCT3     450,000                4.64                Chase Nominees
plc                                                                  Ltd


19 December 2001