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Universal Salvage (UVS)

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Friday 06 October, 2000

Universal Salvage


Universal Salvage PLC
6 October 2000

                            Universal Salvage plc

                          Disposal of Redbourn Site

On 29 June 1999, Universal Salvage plc ('Universal Salvage') announced that it
had exchanged contracts with Berkeley Homes (Chiltern) Ltd. ('Berkeley Homes')
for the sale of its nine acre site at Redbourn for a cash consideration of £
4.2 million. The disposal was conditional upon planning permission being
granted for Berkeley Homes' intended redevelopment of the site.

Berkeley Homes has received a refusal of planning permission and has notified
Universal Salvage of its intention to rescind the agreement. However, it is
Universal Salvage's belief that planning permission is likely to be granted
for an alternative residential proposal and therefore intends to re-open
negotiations with other developers. The company remains committed to its
programme of realising its surplus property assets.

Commenting, Martin Hynes, chief executive of Universal Salvage said, 'While it
is disappointing that Berkeley Homes has decided not to progress with their
development plans, we remain confident of disposing of this site. In the
meantime, this property will continue to be fully utilised as a vehicle
storage facility.'


For further information:

Universal Salvage plc       Martin Hynes, chief executive T: 01234 766500

Biddick Associates          Katie Tzouliadis              T: 020 7464 4280