Disposal

Teather & Greenwood Holdings PLC
08 December 2004





FOR IMMEDIATE RELEASE

                                                                 8 December 2004


Acquisition of Tax Efficient Solutions business

by Smith & Williamson

from Teather & Greenwood



On 8 December 2004, Smith & Williamson, the investment management, financial
advisory and accounting group acquired from stockbrokers Teather & Greenwood
their Tax Efficient Solutions business.



The business being acquired is a range of products and services, including
discretionary portfolios of EIS and AIM holdings, tax-efficient special purpose
vehicles and the ongoing work in progress of the Tax Efficient Solutions
department. The three department managers transferring with the business to
Smith & Williamson are Martin  Sherwood, Director, Christian Elmes, Deputy
Director, and James Swarbrick, Co-ordinator.



The Tax Efficient Solutions business provides to the retail financial advisory
market a comprehensive range of products and services designed to shelter Income
Tax, Capital Gains Tax and Inheritance Tax. Therefore, the disposal is
consistent with Teather & Greenwood Limited's strategy of re-focussing on its
core institutional stockbroking business.





Enquiries :


Teather & Greenwood Holdings

Nick Stagg                      020 7426 9000



Smith & Williamson,

Gareth Pearce                   020 7637 5377



Buchanan Communications

Richard Darby, Nicola Cronk     020 7466 5000




Smith & Williamson Press Office

Kate Harrison, Layisha Laypang   020 7612 8887




Notes to editors



Teather & Greenwood Limited, which is a Member of the London Stock Exchange, is
the principal operating company of Teather & Greenwood Holdings plc, which is
quoted on the Official List. Teather & Greenwood Limited provides a range of
complementary services focused on institutional stockbroking and corporate
finance advisory services and is authorized and regulated by the Financial
Services Authority.



For more information on Teather & Greenwood Limited and its services, please
visit the company's website: www.teathers.com.


Smith & Williamson is an independent professional and financial services group
employing over 1,100 people. The group is a leading provider of investment
management, financial advisory and accountancy services to private clients,
professional practices and mid-size corporates. It operates from offices in
London, Belfast, Bristol, Guildford, Leamington Spa, Salisbury, Southampton,
Tunbridge Wells and Worcester.



NCL Smith & Williamson
A trading name of:

NCL Investments Limited

Member of the London Stock Exchange
Authorised and regulated by the Financial Services Authority
and of:

Smith & Williamson Investment Management Limited
Authorised and regulated by the Financial Services Authority




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