RFI Reflex Grp

RNS Number:3060I
Reflex Group PLC
9 August 2001


                               REFLEX GROUP PLC

  Update on Proposed Acquisition and Disposal and Proposed Migration to AIM


Further to the announcement issued on 3 August 2001 concerning the proposed
acquisition of Fitness & Leisure Group (Holdings) Limited ("FLG") and the
proposed disposal of First Rental Limited ("FRL"), Reflex Group plc ("Reflex")
announced today that it, through its operating subsidiary FRL, has traded
materially behind budget and behind its results for the six month period ended
30 June 2000 in respect of the six month period ended 30 June 2001.

However as announced on 3 August 2001, Reflex has signed a conditional
agreement to sell FRL, to an MBO Team led by FRL's managing director, Mr
Harish Umradia. It is expected that a circular (which will also comprise an
AIM admission document) will be posted to Reflex shareholders shortly
containing notice of an Extraordinary General Meeting of Reflex at which the
proposed acquisition of FLG, the proposed disposal of FRL and other matters
will be voted on.

A further announcement will be made in due course.


Enquiries:


Tony Kilduff

Chairman, Reflex Group plc

Tel: + 353 86 241 40 00


Des Carville

Director, Davy Corporate Finance

Tel: + 353 1 614 89 29


9 August 2001

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