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Kingsbridge Hldgs (PNC)

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Friday 26 September, 2003

Kingsbridge Hldgs


Kingsbridge Holdings PLC
26 September 2003

Disposal of Subsidiary

Kingsbridge Holdings plc

26 September 2003

Disposal of Benson McGarvey Limited and its subsidiary Shakeit Limited

The Board of Kingsbridge Holdings plc ('Kingsbridge' or 'the Company') announces
that, on 24 September 2003, it completed the disposal ('the Disposal') of the
entire issued share capital of Benson McGarvey Limited and its subsidiary
Shakeit limited (together 'the Target Companies') to Peter McGarvey (who was a
director of the Company until 14 August 2003) and others (together 'the
Purchasers'). The Target Companies previously formed part of the sports division
of the Kingsbridge group of companies, ('the Group') which has now been disposed
of in its entirety.

During the year ended 31 August 2003, according to the Group's management
accounts the Target Companies made an aggregate contribution before actual
management costs, of £280,000 and had net assets as at that date of £234,000.

Under the terms of the Disposal the Purchasers will:

-               Pay, on completion the sum of £239,000 in cash;

-               Pay, a further £290,000 in cash dependent on the taxation
position of the Target Companies for the years ended 31 August 2002 and 31
August 2003;

-               Cancel loan notes to the value of £3,000,000 issued by the
Company to the original vendors;

-               Will wave entitlement to loan note interest from the 30 June
2003 of £20,000.

The Board, all of whose members are independent for the purposes of the AIM
Rules, having consulted with the Company's Nominated Adviser, considers the
terms of the Disposal to be fair and reasonable insofar as the Company's
shareholders are concerned. In forming this view the Board has had regard to the
difficult trading environment and the low cash balances available to the

Following the Disposal, Kingsbridge's business will principally comprise the
business of Kingsbridge Advisors Limited.

The net proceeds of the Disposal will be used to augment the Company's cash
balances. As previously announced, the Board is considering various proposals to
produce shareholder value and  continues to pursue actively a number of these

 Kingsbridge Holdings plc                                      0161 787 6800
Laurence Turnbull, Executive Chairman

Insinger de Beaufort
Jasper Allen                                                   020 7655 8818
Nandita Sahgal                                                 020 7655 6874

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