Interim Results

Close Brothers Venture Cap Tst PLC
5 December 2000



                   CLOSE BROTHERS VENTURE CAPITAL TRUST PLC                   

          Interim results for the six months ended 30 September 2000          

                             CHAIRMAN'S STATEMENT                             

Introduction

Close Brothers Venture Capital Trust PLC was launched in 1996 to invest in
asset-backed companies alongside partners with proven experience in the sector
concerned.  Investments are typically a mixture of equity and loan stock
secured on the assets of the investee company.  Investee companies do not
normally have external borrowings.  Including the 'C' Share issue in 1997, a
total of £39.7 million was raised from private investors.  The two classes of
shares merged on 31 May 2000.

Investment progress

Your Board is pleased to announce that the company's investment strategy
continues to be implemented according to plan.  In the first six months of the
year the Company agreed the sale of its Holiday Inn Express hotel at Dartford,
realising a profit of £1.7 million on cost of £4.0 million, invested an
additional £5.0 million in existing investee companies and £1.0 million in a
new company, Broadoak VCT, formed to construct and run an additional home for
people with learning disabilities, in March in Cambridgeshire.  The Company
also took the decision to liquidate its investment in Cathedral Homes VCT,
following difficulty in finding a suitable follow on site, realising an
estimated loss of £70,000 on cost of £1.15 million.  This brings the total
invested or scheduled for investment to £34.5 million (before revaluations) in
17 separate investee companies and represents some 86 per cent. of the
Company's total investments (again, before revaluations).  A portion of this
amount is in the reserved for investment category so will not be invested
until the next two financial years.  Nevertheless, the amount actually
invested remains comfortably over the key 70 per cent. level required by the
Inland Revenue.

Key areas for investment continue to be the hotel, residential property
development and nursing home sectors, with additional investments in the
cinema and health and fitness sectors.  Opportunities for new investments
currently under review include a number of additional hotels and residential
care homes for children.

Existing portfolio

Our investments in hotels in Oxford (Hawkwell House Hotel) and Bristol
(Holiday Inn Express) continue to perform well above expectations while we
anticipate a strong performance from our investment in a new Days Inn Hotel in
the Mailbox development in Birmingham which is due to open in February. 
Following a recent independent valuation of the Holiday Inn in Bristol, the
Company's investment has been revalued upwards by a further £0.3 million.


In the care home sector, our homes for people with learning disabilities
continue to perform strongly, with the third home, at Thetford, now
operational.  Our nursing home in Salisbury remains disappointing whilst that
at Hornchurch in Essex has improved its performance and now trades
satisfactorily.

In the residential property development sector, we have completed one
development in Birmingham, are making good progress with a subsequent one and
are looking at a follow on opportunity.  We have also invested a further £1
million in Country & Metropolitan VCT Limited enabling the company to
undertake two additional developments in Yorkshire.  Progress at
Lee-on-the-Solent is encouraging.  Developments in Exeter and at Woodside
Green in London, however, are taking longer to sell than expected.

After its initial build up phase, the Cambridge Arts Picture House cinema in
Cambridge is trading profitably and good progress is being made in the
construction of the Odyssey Glory Mill health and fitness club near
Beaconsfield, expected to open in March.

The following is a summary of qualifying investments made to date, comprising
amounts invested and scheduled for investment, and after including
revaluations made to date.  We will be commissioning third party professional
valuations for many of our investments as at the end of March 2001 and expect
a further net upward valuation to be made.



Investee Company              
                            
                         Investment     Revaluation    Reserved         Total
                            at Cost                         for  
                                                     investment
Care Homes
                            
Broadoak VCT Ltd              1,000               -           -         1,000
Churchcroft VCT Ltd           1,550             286           -         1,836
Downing Harnham Croft 
 Nursing Home Ltd               950            (278)          -           672
Drummond Court Ltd            1,500             217           -         1,717
Fryers Walk VCT Ltd           1,500               -           -         1,500
Hornchurch VCT Ltd            2,850            (617)          -         2,233
Lombardy Court VCT Ltd        1,200               -           -         1,200
                            
Hotels
                            
Hawkwell VCT Ltd              3,380             540           -         3,920
Premier VCT (Bristol) Ltd     3,700             738           -         4,438
Premier VCT (Mailbox) Ltd     2,000               -       2,000         4,000
                            
Residential Development
                            
Chase Midland VCT Ltd         1,600               -           -         1,600
Country & Metropolitan VCT 
 Ltd                          2,500              55           -         2,555
Portland Homes 
 (Woodside Green) Ltd         1,200               -           -         1,200
Tower Gate VCT Ltd            1,200               -           -         1,200
Youngs VCT Ltd                1,000               -         200         1,200
                            
Other
                            
City Screen (Cambridge) Ltd   1,210               -           -         1,210
Odyssey Glory Mill Ltd        2,000               -       2,000         4,000
                              _____           _____       _____        ______ 
Total                        30,340             941       4,200        35,481
                             ======           =====       =====        ======

Results and Dividend

As at 30 September 2000 the net asset value of the Company was £39.7 million
or 101.2 pence per share, which compares with a net asset value at 31 March
2000 of £39.6 million or 100.5 pence per share.  Net income before taxation
was £1.6 million enabling the board to declare a net interim dividend of 2.5
pence per share (1999: 2.5 pence per Ordinary Share, 2.2 pence per 'C' Share).

The interim dividend will be paid on 19 January 2001 to shareholders
registered on 22 December 2000.

The following is an analysis of the shareholder value created in respect of
each class of share since their respective launch:

                                            Ordinary Shares      'C' Shares
                                            pence per share pence per share
                                                               
Gross dividend for the year to 31 March 1997           5.00                -
Gross dividend for the year to 31 March 1998           6.00             5.00
Gross first and second interim dividends and                                  
 net final dividend for the year to 31 March 1999      7.75             6.25
Net dividend for the year to 31 March 2000             8.55             4.50
Net dividend for the six months to 30 September 2000   2.50             2.50
Net asset value per share at 30 September 2000       101.20           101.20  
                                                     ______           ______
 Total                                               131.00           119.45
                                                     ======           ======
                                                                          

Note:  Tax free tax credits on dividends ceased in respect of all dividends
paid after 5 April 1999.


David Watkins                                                             
Chairman                                                   5 December 2000


                                       

                      Unaudited Statement of Total Return
                  (incorporating the profit and loss account)
                    for the six months to 30 September 2000
                                       
                Six months to 30    Six months to 30            Year to
                September 2000      September 1999            31 March 2000   
                 Rev.   Cap.  Total   Rev.   Cap.  Total   Rev.   Cap.   Total
               £'000  £'000   £'000  £'000  £'000  £'000  £'000  £'000   £'000
Gains on    
investments      -     291    291      -   245     245      -  1,972    1,972 


Income       1,780       -  1,780  1,513     -   1,513  3,273      -    3,273
                                                                     
Investment       
mgt fees      (179)   (179)  (358)  (151) (151)   (302)  (320)  (320)    (640)
                                                                     
Other 
expenses       (46)    (46)   (92)   (45)  (45)    (90)   (95)   (95)    (190)
               _____   _____  _____  _____  ____   _____  _____  _____    ____
Return on                                                            
ordinary         
activities                           
before tax   1,555      66  1,621  1,317    49   1,366  2,858  1,557    4,415
                                                                     
Tax on 
ordinary   
activities    (437)     63   (374)  (395)   58    (337)  (800)   117     (683)
               _____   _____  _____  _____   ___   _____  _____  _____   _____
 
Return                                                               
attributable 
to  
Shareholders 1,118     129  1,247    922   107   1,029  2,058  1,674    3,732 
                                                                      
Dividends     (979)      -   (979)  (944)    -    (944)(2,137)  (612)  (2,749)
             _____   _____  _____   ____   ____  _____  _____  _____    ______
Transfer                
to/(from)                           
reserves       139     129    268    (22)  107      85    (79) 1,062      983 
               =====    ====  ====    ====  ====    ====   ====  =====    ====
Return per                                                                
ordinary 
share          2.8p    0.3p   3.1p    2.3p 0.3p    2.6p   5.2p   4.2p     9.4p


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

Figures for the six months to 30 September 1999 are restated in accordance
with FRS 16.


                        Unaudited Summary Balance Sheet
                             At 30 September 2000

                                      30 September  30 September     31 March 
                                              2000          1999          2000
                                              £'000        £'000         £'000
Fixed asset investments                     
Qualifying investments                                                        
Scheduled for investment                    35,481        30,751       40,495
Less uninvested                             (4,200)       (4,000)      (8,750)
                                            ______        ______       ______

Total qualifying investments                31,281        26,751       31,745
                     
Non-qualifying investments                   8,148         8,554        3,295
                                            ______        ______       ______
Total fixed asset investments               39,429        35,305       35,040
                     
Current assets                     
Debtors                                        541           742          315
Short term money market deposits             1,135         4,235        6,688
                                            ______        ______       ______
                                             1,676         4,977        7,003
                     
Creditors: due within one year              (1,360)       (1,396)      (2,425)
                                           _______        ______       ______

Net current assets                             316         3,581        4,578
                                           _______        ______       ______
Net assets                                  39,745        38,886       39,618
                                            ======        ======       ======
Represented by:                     
  Called up share capital                   19,626        19,804       19,707
  Special reserve                           17,481        17,833       17,623
  Capital redemption reserve                   227            49          146
  Capital reserve                            
   realised                                    (91)          594          253
   unrealised                                2,200           430        1,726
  Revenue reserve                              302           176          163
                                             _____        ______       ______
Total equity shareholders' funds            39,745        38,886       39,618
                                            ======        ======       ======

Net asset value per ordinary share     101.2 pence    98.2 pence  100.5 pence
                                       
This interim report was approved by the Board of Directors on 5 December 2000

Signed on behalf of the Board of Directors by

D Watkins
CHAIRMAN


                         Unaudited Cashflow Statement
                    for the six months to 30 September 2000

                                Six months to        Six months       Year to
                                 30 September   to 30 September      31 March
                                         2000              1999          2000
                                        £'000             £'000         £'000
                                                                             
Operating activities                                        
Dividend income received                   75                 -           163
Investment income received              1,351             1,238         2,743
Deposit interest received                 135                98           267
Other income received                       -                 -            16
Investment management fees paid          (529)             (286)         (604)
Other cash payments                      (124)             (101)         (191)
                                        _____             ______        ______
                   
Net cash inflow from operating   
activities                                898               949         2,394
                                    
Taxation                                                    
UK corporation tax paid                  (342)                -           183
                                                            
Investing activities                                        
Purchase of investments                (5,990)           (4,132)       (9,632)
Disposals of investments                1,827             5,097        12,530
                                       ______            ______        ______ 

Net cash (outflow)/inflow       
from investing activities              (4,163)              965         2,898
                                       ______            ______        ______

Equity dividends paid                                       
Dividends paid on ordinary shares      (1,804)             (199)       (1,143)

Net cash (outflow)/inflow       
before financing                       (5,411)            1,715         4,332
                                       ______            ______        ______
Financing                                                   
Cancellation of share premium              (3)                -             -
Purchase of shares net of expenses       (139)              (52)         (217)
                                        ______           ______         _____ 
                                                          
Net cash outflow                       (5,553)            1,663         4,115
                                       ======            ======         =====





       Review report by the auditors on the interim information

Independent Review Report to Close Brothers Venture Capital Trust PLC

Introduction

We have been instructed by the company to review the financial information and
we have read the other information contained in the interim report and
considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors.  The Listing
Rules of the UK Listing Authority require that the accounting policies and
presentation applied to the interim figures should be consistent with those
applied in preparing the preceding annual accounts except where any changes,
and the reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board.  A review consists principally
of making enquiries of management and applying analytical procedures to the
financial information and underlying financial data and based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed.  A review excludes audit
procedures such as tests of controls and verification of assets, liabilities
and transactions.  It is substantially less in scope than an audit performed
in accordance with Auditing Standards and therefore provides a lower level of
assurance than an audit.  Accordingly, we do not express an audit opinion on
the financial information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 September 2000.

Deloitte & Touche
Chartered Accountants
Stonecutter Court
1 Stonecutter Street
London  EC4A 4TR

5 December 2000

For further information please contact:

Patrick Reeve - Close VCT Management                  Tel: [phone]