RNS Number:8426H
Fitzhardinge PLC
24 February 2003

                                Fitzhardinge plc
                       ("Fitzhardinge" or "the Company")

                Acquisitions of Gooch Webster and Fisher Wilson
                                ("Acquisitions")


Fitzhardinge plc is a real estate consultancy services group operating under the
name of Colliers CRE (Colliers Conrad Ritblat Erdman) which includes its
specialist hotels division, Robert Barry & Co.

The Directors of Fitzhardinge are pleased to announce that terms have been
agreed for the acquisition of Gooch Webster Group Limited ("Gooch Webster") for
an aggregate consideration of approximately #8.1 million and, in a separate
transaction, for the acquisition  of Fisher Wilson (Scotland) Limited ("Fisher
Wilson") for an aggregate consideration of #2.5 million (subject to certain
adjustments described further below).

Gooch Webster

Gooch Webster is an independent firm of chartered surveyors and property
consultants owned primarily by 33 shareholders who are directors and employees.
It is based in the West End of London with offices in Birmingham, Bristol, the
City of London, Edinburgh, Glasgow, Leeds and Manchester.  It has a total of 240
staff including approximately 150 fee earners.

Gooch Webster has developed particular strengths in seven core areas:
investment, valuation, offices, industrial, retail, property management and
building consultancy together with specialist expertise in the motor trade.
Gooch Webster has also participated in and acts as property manager for three
joint venture companies with assets exceeding #90 million.  These activities,
together with Gooch Webster's wide regional presence, strongly complement the
operations of Colliers CRE.  Gooch Webster's extensive client list includes
Sainsbury's, Scottish Enterprise, Morley Fund Management, Staffordshire County
Council Pension Fund, DaimlerChrysler and British Bakeries.

The aggregate consideration for Gooch Webster of approximately #8.1 million has
been satisfied by the issue of 6,902,192 new ordinary shares in Fitzhardinge and
an initial cash payment of approximately #300,000 out of the total cash element
of #1,050,013.  The balance of the cash element is payable by way of loan notes
redeemable in instalments over three years.  Gooch Webster vendors have an
option to take convertible loan notes in place of the cash and loan note element
of the consideration.  The acquisition by Fitzhardinge is made by way of an
offer to the Gooch Webster shareholders (which includes the Gooch Webster ESOT)
dated 21st February 2003, which each shareholder has accepted.

Based on the accounts for the year ended 30th April 2002, Gooch Webster
generated a loss before taxation of #453,000 (after bonuses of #540,000) on
turnover of #16.8 million.  Net tangible assets being acquired amount to
approximately #1.6 million.

Fisher Wilson

The activities of Fisher Wilson are complementary to those of the Edinburgh
offices of Colliers CRE and Gooch Webster.  Fisher Wilson specialises in retail
and in particular the out of town market.  Fisher Wilson's key clients include
M.F.I., Peacocks, the Big Food Group, Safeway, Carpetright, The Royal Bank of
Scotland and Currys.  Fisher Wilson is owned by its five directors and has a
total staff complement of 14. As a result of these mergers, the combined company
will be one of the largest property consultancies in Scotland.

For the year ended 31st March 2002, Fisher Wilson generated profits before
taxation of #217,000 (after bonuses and special pension contributions of
#415,000) on turnover of #1.75 million.

The aggregate consideration of #2.5 million is payable in several tranches.  On
completion, which is expected to take place on 3rd March 2003, the vendors will
be paid in aggregate #1.5 million comprised of #1.125 million in cash and
352,112 Fitzhardinge ordinary shares.  On the first, second and third
anniversaries of completion, the vendors will receive three further payments,
amounting in total to a further #1 million.  Each instalment of deferred
consideration will be satisfied half by way of new ordinary shares in
Fitzhardinge and half by way of loan notes.

The consideration payable to the Fisher Wilson vendors is subject to adjustment
in accordance with completion accounts.  To the extent that the net asset value
as set out in the completion accounts is less than #550,000, the vendors will
repay the whole of such shortfall to Fitzhardinge.  To the extent that the net
asset value as set out in the completion accounts is greater than #550,000,
Fitzhardinge will pay 60% of such excess in cash to the vendors.  In addition,
the vendors are entitled to receive further consideration in cash being 42% of
certain fees rendered up to 14th March 2003 not taken into account in
determining the completion accounts.  The total of both additional payments is
not expected to exceed #350,000.

The Acquisitions

The Directors believe that these acquisitions of two independent businesses with
strongly complementary activities to Colliers CRE will significantly strengthen
its position as one of the top property consultancy service providers in the UK.
Significant benefits include both a much stronger national network following
the acquisitions and an enlarged and complementary client base which will give
rise to considerable cross-selling opportunities.

The Directors expect that the enlarged group will benefit from significant cost
savings over the following 18 months with a related enhancement to the earnings
potential of the group.

Application has been made for 6,902,192 new ordinary shares in Fitzhardinge to
be admitted to trading on AIM in respect of the acquisition of Gooch Webster.
Application will be made in due course for the new ordinary shares in
Fitzhardinge issued in respect of the acquisition of Fisher Wilson.

David Izett, Managing Director of Fitzhardinge, commented:

"These acquisitions consolidate our position as one of the premier property
consultancy service companies in the UK.

Annualised turnover for the enlarged group is now approaching #60 million. Both
acquisitions will complement our existing activities, strengthening the breadth
and depth of our knowledge across all regions and business sectors throughout
the UK.

Together with our international alliance through Colliers, we are well-placed to
continue to grow our business".

                                                              24th February 2003



Enquiries:    Fitzhardinge plc                Tel: 020 7935 4499    David Izett, Managing Director
              Gooch Webster Group Ltd         Tel: 020 7409 5100    Lesley Mason, Chief Executive
              Fisher Wilson (Scotland) Ltd    Tel: 0131 220 3220    Bob Fisher, Managing Director
              Shore Capital                   Tel: 020 7408 4090    Alex Borrelli 
              College Hill                    Tel: 020 7457 2020    Gareth David  Richard Pearson


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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