Acquisition

Solitaire Group PLC
31 May 2001





31 May 2001

                             SOLITAIRE GROUP Plc


                Solitaire Group Acquires Moss Kaye & Roy Frank


  'Solitaire is a leading national provider of property management services'


Solitaire Group PLC ('Solitaire'), the specialist property services group,
announces that it has agreed to purchase Moss Kaye & Roy Frank ('Moss Kaye')
the leading North London property management, commercial estate agency and
professional services operation. Moss Kaye comprises the business of Hudson
(Edgware) Ltd and the Roy Frank partnership. On completion of the transaction
Hudson (Edgware) Limited will change its name to Moss Kaye Pembertons Limited.

The total maximum cash consideration payable is £1 million of which £500,000
will be paid in cash on completion and the balance by the provision of
guaranteed interest bearing loan notes to the vendors payable over the next
three years. Solitaire will finance the acquisition from borrowing facilities.

The purchase agreement provides that the turnover of Moss Kaye will average
not less than £830,000 in the years to 31 December 2001, 2002 and 2003. If
this condition is not complied with, a reduction will be made in the payments
made in the third year up to a maximum of £166,000.

Moss Kaye currently manages approximately 1,200 properties in London and it is
intended to integrate these activities with those of Pembertons Residential
Limited. However, the majority of the income of Moss Kaye is generated from
provision of professional services to the commercial property world, covering
rent reviews, arbitration, estate agency and valuations. Following the
integration of Moss Kaye, Solitaire will seek to expand its operations and use
its skills to provide professional services to the rest of the group.

Following the announcement yesterday of the withdrawal of the First Housing
Investment Trust share issue by Sponsor, Williams de Broe, where Solitaire was
to be the property manager, Solitaire confirms that it will work with Williams
de Broe to develop product to satisfy the institutional demand for residential
property.

Graham Shapiro, Joint Managing Director, Solitaire Group Plc, commented:

'This is an excellent acquisition for Solitaire. Traditionally our prime
position in Central London property management has been concentrated on the
residential market. The integration of Moss Kaye broadens our range of
services and provides an important opportunity to cross sell professional
services between the group members. It is also a further move by the group
into the area of commercial property management, which we expect to provide
increasing benefits in the years to come.




Notwithstanding the withdrawal of the offer for subscription by First Housing
Investment Trust, we are encouraged by the level of institutional interest in
investing in residential property. We look forward to working with Williams de
Broe to satisfy this demand.'

For further information:


Graham Shapiro, Joint Managing Director

Solitaire Group Plc                         Tel: [phone]


David Millham / Tarquin Edwards

Millham Communications                      Tel: [phone]