Sale of offices

Northacre PLC
05 August 2004


                                 NORTHACRE PLC
                          ('Northacre' or 'the Group')

                                Sale of Offices

Northacre announce that unconditional contracts were exchanged on the 4th August
2004 for the sale of the freehold offices at 48 Old Church Street for £2.85m.
Under the terms of the sale the Group will take a leaseback of the offices for 2
years (subject to a one year break option) at a rental of £185,000 pa.
Completion is contracted to take place on 15th September 2004. The proceeds of
the sale will be used to redeem in full the current indebtedness owed to Coutts
& Co and the balance utilised to provide working capital for the business. The
sale price of £2.85m equates to book value.

The Directors of Northacre PLC accept responsibility for the information
contained in this document. To the best of the knowledge and belief of such
Directors (having taken all reasonable care to ensure that such is the case),
the information contained herein is in accordance with the facts and does not
omit anything likely to affect the import of such information.

5 August 2004

Enquiries:

Northacre PLC                                             Tel: [phone]
Simon Elgar


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