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Jacks (William) PLC (JCKS)

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Monday 02 June, 2003

Jacks (William) PLC


Jacks(William) PLC
2 June 2003

                               WILLIAM JACKS PLC


The Directors are pleased to announce that the Company exchanged contracts on
30th May 2003 with Volkswagen Financial Services (UK) Limited for the purchase
of freehold land and buildings at Portslade, Sussex for £1,825,000. This is to
be funded by way of a business loan for £1,800,000 from our principal bankers,
Lloyds TSB.  The site is being acquired by William Jacks Properties Limited and
will be utilised as a Volvo car dealership.  Completion will take place on 4th
June 2003.

The Company already holds the Volvo franchise, trading as Hapstead, for this
area and currently operates from short-term leasehold premises in Worthing.
These premises are unsuitable for the longer-term both in terms of size and
location. The premises at Portslade, which were purpose built approximately
4-years ago as a car dealership, are well situated in an area of motor trade
activity close to Brighton. The size of the site is 1.09 acres which compares to
an existing site of 0.5 acres and can offer double the number of vehicle display
spaces and up to five additional workshop bays. The site will therefore enable
the future growth of this dealership.

2 June 2003

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