LMBT Lambert Hwth.

RNS Number:8371D
Lambert Howarth Group PLC
18 May 2001

Friday 18th May


Lambert Howarth Group p.l.c.


Disposal of safety footwear business


Lambert Howarth Group p.l.c. today announces that it has entered into an
agreement for the sale of its safety footwear business, trading as Lambert
Howarth Safety Limited, to Richard Fletcher, who is currently the finance
director of this subsidiary company. The sale includes the property from which
the business operates. The total sale consideration for both the business and
freehold property is approximately #1.5m.



As the group continues to develop its strategy of establishing itself as a
comprehensive accessory supplier, the board believes that the safety footwear
business  is no longer a core part of the general footwear division.  In the
year ended 31 December 2000, the business made a profit before tax of #221k on
turnover of #5.3m. The general footwear division continues to make significant
progress in developing a broader range of more fashionable footwear and this
disposal will significantly enhance its focus. There will be an estimated
exceptional loss on the disposal of #870k before tax, including goodwill of #
325k, previously written off directly to reserves and reinstated and written
off through the profit and loss account.



In addition, the sale of the group's Baker Street property has been completed
for a total consideration of #2.4m. This will result in an exceptional profit
in the current financial year of #685k.



                                    -ENDS-





Enquiries:


Lambert Howarth Group p.l.c.                          020 7258 9900
John Gibson, Finance Director

Financial Dynamics                                    020 7269 7182

Charlie Armitstead

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