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RNS Number : 7418L 
MWB Group Holdings PLC 
12 May 2010 
 

 
FOR IMMEDIATE RELEASE 
12 May 2010 
 
                            MWB GROUP HOLDINGS Plc: 
                          INTERIM MANAGEMENT STATEMENT 
 
MWB Group Holdings Plc ("the Group"), the boutique hotel owner and operator, 
serviced offices operator, and retailer, today reports that during the period 
from 1 January 2010 to 12 May 2010 its three operating businesses have continued 
to make progress despite uncertainties in their respective markets. 
 
Trading at the Group's boutique hotel business, Malmaison and Hotel du Vin, 
performed in line with expectations in the first quarter, achieving its budgeted 
EBITDA despite January revenues being severely affected by the adverse weather 
conditions across the country. While revenue generation remained challenging, 
Malmaison and Hotel du Vin delivered year on year rate growth which, combined 
with strong cost control, delivered the budgeted profit for the quarter. 
 
The start of the second quarter was adversely affected by the unprecedented 
standstill in air travel throughout the UK and much of Northern Europe. However, 
the outlook for the remainder of the quarter remains positive. 
 
The average room rate for Hotel du Vin during April 2010 was GBP112, compared to 
GBP111 for the year ended 31 December 2009, while Malmaison average room rate 
was GBP101 in April 2010, up from GBP99 for the year ended 31 December 2009. 
 
AIM-quoted MWB Business Exchange Plc ("Business Exchange"), Central London's 
largest provider of flexible office space, has continued to see signs of 
recovery in terms of rate stability and occupancy growth. Over the first four 
months of 2010, demand from the corporate market has improved, especially in the 
City where occupancy remains strong. Business Exchange's new centres in 
Paddington and Knightsbridge, traditionally areas undersupplied with high 
quality serviced offices, will become fully operational shortly. Management 
continues to focus on cost control and driving yield where possible. To that end 
a number of new technology driven products and services have been launched with 
a view to creating new revenue streams as well as improving still further the 
high levels of client retention. 
 
Management has been rigorous in capitalising on revenue opportunities in the 
market. Although demand during the first four months of 2010 has remained 
broadly constant, Business Exchange's revenue conversion levels have improved, 
resulting in the volume of deals increasing, albeit for smaller workstation 
requirements.   As a result, occupancy at the Group's leased centres (1) 
remained firm at similar levels to the 82% reported at 31 December 2009. Revenue 
per available workstation ("REVPAW") and revenue per occupied workstation 
("REVPOW") have improved slightly from GBP6,180 and GBP7,545 respectively at 31 
December 2009, which reflects the continued focus on yield management. 
 
At Liberty Plc ("Liberty"), the iconic luxury brand and Regent Street emporium, 
which is quoted on AIM, the growth momentum has continued during the first four 
months of 2010. Revenue across the business is up 40%, compared to the same 
period in 2009, driven by growth across the key areas of the company's business, 
namely fabrics division, the flagship store and the internet business. Revenue 
for the first four months of the financial year to April 2010 totalled GBP26.0 
million, up from GBP18.5 million in the comparative four months to 30 April 
2009. 
 
Since the December 2009 year-end Liberty has exchanged contracts to sell the 
freehold of its iconic landmark building in Great Marlborough Street, London W1 
for GBP41.5m. Completion took place on 11 May 2010 in accordance with the 
circular issued to shareholders on 16 April 2010. 
 
On 7 May 2010, Liberty announced that it had been holding discussions with 
BlueGem Capital Partners LLP ("BlueGem") about the possibility of BlueGem making 
an offer for the whole of the issued share capital of Liberty. The Offer by 
BlueGem (if made) would result in total payments to Liberty shareholders of 
GBP42.0 million.  Of this amount, GBP28.7 million would be receivable by MWB, 
together with repayment of debt provided by MWB to Liberty of GBP14.7 million, 
resulting in a total receipt by MWB under the proposed offer of GBP43.4 million. 
 A further announcement concerning this important development in the financial 
strength of the Group, will be made at the appropriate time. 
 
Each of the Group's operating businesses continues to monitor expenditure 
carefully and has implemented cost control measures without sacrificing the high 
levels of service associated with the Group. 
 
Eric Sanderson, Group Chairman, commented: "There are signs of some improvement 
in all our markets although we remain cautious due to the UK's current economic 
environment. I believe the quality of both our management teams and the products 
and services they provide will continue to help us perform positively in the 
current market conditions." 
 
(1)Leased centres exclude OMAs and managed centres as Business Exchange receives 
fees for operating such centres. These figures also exclude immature centres 
acquired from the administrator or landlords of various subsidiaries of the MLS 
group shortly before the June 2009 period end. 
 
                                      Ends. 
Contact: 
            Richard Balfour-Lynn, Chief Executive, MWB. 
Tel: 020 7706 2121 
            Baron Phillips, Baron Phillips Associates. 
    Tel: 020 7920 3161 
 
                              07767 444 193 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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