Final Results - Year Ended 31 March 2000

Close Brothers Venture Cap Tst PLC
12 May 2000

                   CLOSE BROTHERS VENTURE CAPITAL TRUST PLC                   
                                       

'The board of Close Brothers Venture Capital Trust are pleased to announce the
results for the year to 31 March 2000, being the fourth anniversary of launch.

*    Total return up 42% for Ordinary Shares and 121% for C Shares.

*    Total dividends for year at 8.55p per Ordinary Share (including special
     dividend payable out of capital) and 4.5p per C Share.

*    NAV for both classes of share at 100.5p per share.

*    Each C Share to convert to one Ordinary Share.

*    Investment levels comfortably in excess of Inland Revenue targets.'


                             CHAIRMAN'S STATEMENT
                                       
Introduction

The year has been a successful one for Close Brothers Venture Capital Trust,
seeing a continued uplift in the aggregate value of investments.  The Ordinary
Shares have already exceeded their minimum performance target of a total
return of 125 pence per share (comprising net asset value and dividends) one
year earlier than promised in the prospectus while the C Share portfolio
continues to make strong progress.  The close of the financial period also
marks an important point in the Company's history.  This is because 31 March
2000, being the fourth anniversary of the commencement of trading of the
Ordinary Shares and the third anniversary of the C Shares, marks the point at
which the two classes of shares merge.  Following the declaration of a special
dividend from realised capital profits payable to the Ordinary shareholders,
which is being paid in addition to the normal final revenue dividend, the net
asset value of both classes of share is 100.5 pence.  This will result in a
merger of the two classes of share on an equal basis and each C Share,
therefore, will convert to one Ordinary Share.

A total of £7.13 million was invested in qualifying unquoted companies during
the year (net of disposals or transfers to non-qualifying investments pending
disposal).  At 31 March 2000 a further £8.75 million was scheduled for
investment in subsequent years which brings the total invested or scheduled
for investment to £38.25 million in 18 separate investee companies.  Of this
amount £23.73 million has been allocated to the Ordinary Share pool and £14.52
million to the 'C' Share pool.  This represents some 97% of each of the
Ordinary Shares' and the 'C' Shares' total investments.  While this level is
higher than originally anticipated, it will give the opportunity to make
selective disposals of investments during the year, whilst still providing the
comfort of remaining comfortably above the minimum 70 per cent. investment
level required by Inland Revenue.

Dividends paid and proposed for the year, including the 2.55 pence dividend
payable out of capital profits for the Ordinary Shares referred to above,
amount to 8.55 pence and 4.5 pence per Ordinary Shares and C Share
respectively. The level of dividend for the C Shares was slightly
disappointing, and reflects the fact that lower income than anticipated was
received from investments in residential development companies.  Nevertheless,
had tax credits on dividends not ceased in April of last year, C Share
dividends for the year would have comfortably exceeded the Company's minimum
performance criteria of 5 pence per annum.

In order for your company to pay dividends to shareholders out of realised
capital profits the VCT has now renounced its investment company status.  The
principal source of these capital profits to date has been the investment in
non-qualifying irredeemable preference shares in major banks and other
financial institutions made in 1996 and 1997, which were subsequently sold at
a substantial profit.

Net asset value per share at 31 March 2000 was 100.5 pence for each of the
Ordinary Shares and 'C' Shares, against 99.6 pence and 95.5 pence respectively
for the previous year.  For the purpose of the merger of the two classes of
share, the assets owned by qualifying investee companies have been valued by
independent professional valuers, other than the residential development
companies.  These companies, which typically distribute their profits at the
end of each development, have been valued at cost unless there was an
undistributed profit or a realised loss carried forward from the most recently
completed development, in which case the carrying value of the investment is
adjusted accordingly.

Review of Investments

Our key investment areas continue to be the hotel, residential property
development and care home sectors, though investments made during the year in
a cinema and a health and fitness club have taken your Company into new asset-
based areas.

In the hotel sector, our two Holiday Inn Express hotels at Bristol and
Dartford, where a 43 bedroom extension has recently been completed, are both
performing well.  During the period we invested in a project for a 90 room
budget hotel operating under the 'Days Inn' brand at the Mailbox site in the
centre of Birmingham; construction is well under way and the hotel is expected
to open by the end of the year. The Hawkwell House hotel in Oxford is showing
a strong performance while The Rose & Crown Hotel in Tring has now been
disposed of, resulting in a loss of approximately £200,000 against cost, and a
profit of approximately £100,000 against its written-down value.

In the residential development sector, which is restricted to 20 per cent. of
the portfolio, we currently have six companies established with separate
developers, one of which was set up shortly before the year end, initially to
undertake a scheme at Lee-on-Solent. Our investment in Badminton Homes has
been disposed of at a small profit, following the successful completion of its
first development.  One particularly successful development completed during
the year was Country & Metropolitan VCT's project for 25 houses in Meanwood,
Leeds, which generated a profit well above budget.

In the care home sector our principal area of investment during the year
continues to be homes for people with learning disabilities in East Anglia.
The first two of such homes in which we have invested, in Witham in Essex and
in Bury St Edmunds, are performing above expectations. We have invested in two
further homes, which are currently under construction, in Thetford in Norfolk
and in Ipswich.  Our two remaining investments in the sector are in homes for
the frail and elderly.  Of these, the Harnham Croft nursing home in Salisbury
has been disappointing, with performance particularly hit by high staff costs.
The nursing home in Hornchurch has finally begun to perform in accordance with
our initial expectations, though it is too soon to increase the carrying value
from its current level.

During the year we broadened the Company's spread of asset based sectors by
investing in an 'art-house' cinema in the centre of Cambridge, which has now
been open for six months, while construction is due to commence shortly on the
Glory Mill Health and Fitness Club in a five acre freehold site outside
Beaconsfield.


Results and Dividend

As at 31 March 2000 the net asset value applicable to the Ordinary Shares was
£24.11 million or 100.5 pence per share, which compares with a net asset value
at 31 March 1999 of £24.06 million or 99.6 pence per share.  Net income before
taxation was £1.90 million (1999: £2.10 million) enabling the board to declare
a net final revenue dividend of 3.5 pence per Ordinary Share plus a special
capital dividend of 2.55 pence, making 8.55 pence (1999: 6.3 pence, or 7.75
pence inclusive of the tax credit) for the full year.

The net asset value applicable to the 'C' Shares was £15.50 million (1999:
£14.80 million), or 100.5 pence (1999: 95.5 pence) per share.  Net income
before taxation was £955,000 (1999: £1.10 million) enabling the board to
declare a net final dividend of 2.3 pence per 'C' Share, making 4.5 pence
(1999: 5.10 pence or 6.25 pence inclusive of the tax credit) for the full
year.

The final dividends for the year ended 31 March 2000 will be paid on 30 June
2000 to shareholders registered on 26 May 2000.

Merger of Ordinary Shares and C Shares

As mentioned above, and in accordance with the Company's articles of
association and the terms of the C Share prospectus, issued in February 1997,
the C Shares are due to convert to Ordinary Shares with effect from 31 May
2000 on the basis of their comparative net asset values at 31 March 2000. 
Following the payment of the special capital dividend of 2.55 pence to the
Ordinary Shareholders, both classes of share have a net asset value of 100.5
pence.  Consequently, with effect from 31 May 2000, each C Share will be
deemed to be an Ordinary Share.  New Ordinary share certificates will be sent
to shareholders as soon as practicable, and by no later than 30 June 2000,
after which existing C Share certificates will cease to be valid


David Watkins                                                  
Chairman                                            12 May 2000


                   Close Brothers Venture Capital Trust PLC                   
                                       
                           Statement of Total Return
                      (incorporating the revenue account)
                       for the year ended 31 March 2000
                                       
Current Year

                      Ordinary Shares      'C' Shares                Total
                      Year ended 31     Year ended 31          Year ended 31
                       March 2000        March 2000              March 2000
                 Rev.   Cap.  Total   Rev.  Cap.  Total  Rev.    Cap.   Total
                £'000  £'000  £'000  £'000 £'000  £'000  £'000  £'000   £'000 
Gains     
on investments      -  1,078  1,098      -   894    894      -  1,972   1,972
                                                                            
Income          2,173      -  2,173  1,100     -  1,100  3,273      -   3,273
                                                      
Investment   
mgmt fees        (212)  (212)  (424)  (108) (108)  (216)  (320)  (320)   (640)
                                                                              
    
Other expenses    (58)   (58)  (116)   (37)  (37)   (74)   (95)   (95)   (190)
                _____   ____  _____  _____   ___   _____  _____   ___   _____ 
     
Return on                                                            
ordinary                                                             
activities        
before tax      1,903    808  2,711    955   749  1,704  2,858  1,557   4,415 
                                                                            
Tax on ordinary    
activities       (518)    74   (444)  (282)   43   (239)  (800)   117    (863)
                 ____     __    ___   ____   ___    ____   ____   ___    ___
 
Return                                                               
attributable to   
shareholders    1,385    882  2,267    673   792  1,465  2,058  1,674   3,732 
                                                                      
Dividends      (1,442)  (612) 2,054   (695)    -   (695)(2,137)  (612) (2,749)
               ______    __ ______    ___   ___     ___  _____    ___   _____  
    
Transfer to                       
(from) reserves   (57)   270    213    (22)  792    770    (79) 1,062     983
                ======  ====   ====   ====  ====   ====  =====  ====    =====  
                                                                            
Return per share 5.8p   3.7p   9.5p   4.4p  5.1p   9.5p                  


The revenue columns of this statement represent the profit and loss account of
the Company.

All revenue and capital items in the above statement derive from continuing
operations.

No operations were acquired or discontinued in the period.


                   Close Brothers Venture Capital Trust PLC
                                       
                           Statement of Total Return
                      (incorporating the revenue account)
                       for the year ended 31 March 1999

Prior Year (as restated)                                       
                                       
                     Ordinary Shares      'C' Shares                Total
                      Year ended 31     Year ended 31          Year ended 31
                       March 1999        March 1999              March 1999
                  Rev.  Cap.  Total   Rev.  Cap.   Total  Rev.   Cap.   Total
                 £'000 £'000  £'000  £'000 £'000   £'000  £'000 £'000   £'000 
Gains /(losses)    
on investments       -   214    214      -   (40)    (40)     -   174     174
                                                                            
Income           2,356     -  2,356  1,223     -   1,223  3,579     -   3,579
                                                      
Investment   
mgmt fees         (179) (179)  (358)   (77)  (77)   (154)  (256) (256)   (512)
                                                                              
    
Other expenses     (59)  (59)  (118)   (38)  (38)    (76)   (97)  (97)   (194)
                 _____  ____  _____  _____   ___   _____  _____   ___   _____ 
     
Return on                                                            
ordinary                                                             
activities        
before tax       2,118   (24) 2,094  1,108  (155)    953  3,226  (179)  3,047 
                                                                            
Tax on ordinary    
activities        (555)   74   (481)  (313)   36    (277)  (868)  110    (758)
                  ____    __    ___   ____   ___    ____   ____   ___     ___
 
Return                                                               
attributable to   
shareholders     1,563    50  1,613    795  (119)    676  2,358   (69)  2,289 
                                                                      
Dividends       (1,522)    - (1,522)  (790)    -    (790)(2,312)    -  (2,312)
                ______    __ ______    ___   ___     ___  _____    ___  _____ 
     
Transfer to                       
(from) reserves     41    50     91      5  (119)   (114)    46   (69)    (23)
                ======  ====   ====   ====  ====    ====  =====  ====   ===== 
                                                                             
Return per share  6.5p  0.2p   6.7p   5.1p (0.8)p   4.3p                  
         


                   Close Brothers Venture Capital Trust PLC                   
                                 Balance sheet
                               at 31 March 2000
                          Ord.    'C'                 Ord.     'C'
                         Shares  Shares    Total    Shares    Shares   Total
                        31 Mar.  31 Mar.   31 Mar.  31 Mar.   31 Mar.  31 Mar.
                          2000    2000      2000      1999     1999      1999
                         £'000   £'000     £'000     £'000    £'000     £'000
Fixed Asset Investments
Qualifying:                                                              
Scheduled for     
investment              25,056  15,439    40,495    18,967    9,764    28,581
less: uninvested        (5,435) (3,315)   (8,750)   (1,283)  (4,967)   (6,100)
                          ______  ______    ______    ______   ______    _____
Net investments   
to date                 19,621  12,124    31,745    17,684    4,797    22,481
                                                                              
Non-qualifying:          1,170   2,125     3,295     5,003    8,441    13,444
                        ______   ____     ______    ______   ______    ______ 
Total fixed asset   
investments            20,791   14,249    35,040    22,687   13,238    35,925 
                         ______  ______     ______    ______   ______   ______
 
Current Assets                                                           
Debtors                   158      157       315       500      277       777
Short term money    
market deposits         5,101    1,587     6,688     1,150    1,423     2,573 
                        _____    _____    ______    ______   ______     _____
                                              
                        5,259    1,744     7,003     1,650    1,700     3,350
Creditors: due        
within one year        (1,935)    (490)   (2,425)     (282)    (141)     (423)
                          _____     ____     _____    _____    _____    _____
          
Net current assets      3,324    1,254     4,578     1,368    1,559     2,927
                        _____    _____    ______     _____    _____    ______

Net assets             24,115   15,503    39,618    24,055   14,797    38,852
                       ======   ======    ======    ======   ======    ======
Represented by:                                                          
Called up share   
capital                11,995    7,712    19,707    12,080    7,749    19,829
Share premium     
account                     -        -         -    10,866    6,974    17,840
Special reserve        10,713    6,910    17,623         -        -         -
Capital reserve
 realised                 228       25       253     1,037      142     1,179
 unrealised               966      760     1,726      (113)    (149)     (262)
Other reserves            105       41       146        20        4        24
Profit and Loss        
account                   108       55       163       165       77       242
                         _____    _____    ______     _____    _____     ____ 
                                                               
Total Shareholders' 
funds                  24,115   15,503    39,618    24,055   14,797    38,852 
                       ======   ======    ======    ======   ======    ======
Net asset value per               
share                  100.5p   100.5p               99.6p    95.5p
                                                                              
       

Signed on behalf of the Board of Directors


Roderick Davidson
Director

For further information, please contact:

Patrick Reeve, Close VCT Management                    Tel: [phone]