Completion of acquisition

TBI PLC
03 December 2004

3 December 2004



                         TBI plc ('TBI' or the 'Group')



     Completion of the Acquisition of the Alterra Interests in London Luton



TBI is pleased to announce that the Acquisition of the Alterra Interests in
London Luton has now completed.



The 14,925,372 TBI Ordinary Shares of 10p each issued in relation to the
acquisition of the Alterra Interests in London Luton were admitted to the
Official List of the UK Listing Authority and commenced trading on the London
Stock Exchange today.



Terms defined in the announcement dated 27 October 2004 have the same meaning in
this announcement.






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