Primark Store Acquisitions

Associated British Foods PLC 14 February 2005 Associated British Foods plc ('ABF') Further store acquisitions for Primark For immediate release 14 February 2005 Associated British Foods plc, the international food, ingredients and retail group, has today announced the acquisition of six stores by Primark, its value fashion retail business. Agreement has been reached with the administrators of the Allders group for stores located in Bromley, Coventry, Oxford, Leicester, Sheffield (Meadowhall) and Hull. The consideration will be paid in cash from existing resources at completion. Completion is subject to the receipt of landlord consent, where required. Primark expects to take possession of the stores by the end of March and to be trading by the autumn of this year. Primark currently trades from 121 stores with 2.4 million sq ft of selling space with 1.6 million sq ft in Great Britain and 0.8 million sq ft in Ireland. These new stores will initially add around 300,000 sq ft in Great Britain. The store in Bromley is freehold, Coventry is long leasehold and the remainder are short leasehold. The total investment, including the fitting out, is expected to be £110m. Primark has experienced strong sales growth in recent years from both like-for-like growth and from new store openings which have focused more recently upon larger sites in major high street locations. Commenting on the announcement, ABF Finance Director, John Bason said, 'The acquisition of these six stores in major towns and cities represents another step in Primark's acquisition of retail space in Great Britain and will bring the Primark offering to a large number of new customers.' For further information please contact: Associated British Foods Tel: +44 (0)20 7399 6500 John Bason, Finance Director Citigate Dewe Rogerson Tel: +44 (0)20 7638 9571 Jonathan Clare / Chris Barrie / Sara Batchelor This information is provided by RNS The company news service from the London Stock Exchange
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