New Acquisition Vehicle

Berkeley Berry Birch PLC
29 May 2002

29 May 2002

        Berkeley Berry Birch launches a new acquisition vehicle


Berkeley Berry Birch plc (BBB), one of the UK's largest financial services
distribution groups, today announces the next stage of its strategic plans with
the launch of a new acquisition vehicle aimed at purchasing Independent
Financial Adviser companies.  The new vehicle is called Berry Birch & Noble
Advisers Ltd (BBNA).


Berkeley Berry Birch was formed in January 2002 through the merger of the London
Stock Exchange quoted Berry Birch & Noble plc and the privately owned Berkeley
Financial Services Group. The merger represented the UK market's first major
link up between a national IFA and a network IFA


When the merger was completed, the new management team, headed by Group Chief
Executive, Cliff Lockyer, began preparing for the Group for the next stage of
strategic development in line with a strategic vision put together over two
years ago.


BBB's strategic vision is to take advantage of the significant changes within
the UK's £7.5 billion financial services distribution sector and become the UK's
premier financial services distribution group for high value customers.


The strategic objective is to create shareholder value through the development
of a multi-channel advice group focused on high productivity advisers.  BBB has
now identified the following opportunities for growth over the medium term:


•    Continuing successful recruitment of quality independent
     financial advisers, adding to the 700 already operating within the Group

•    Strategic acquisition of large financial advice groups.

•    Acquisition of profitable regional financial advice practices


To drive the acquisition of regional IFA practices BBNA has been set up,
initially as an acquisition vehicle aimed at IFA businesses with a turnover of
£1-5 million per annum.


BBNA will in time become a national IFA brand aiming at the 'mass affluent' who
feel they are not well served by existing providers.


The Group also reports that it will issue its preliminary results announcement
for the year ended 31st May 2002 on 29 July 2002.  BBB notes that profit before
tax is anticipated to be in line with market expectations.


Cliff Lockyer, Group Chief Executive of BBB, commented:


'Following the creation of BBB we have been laying foundations, with people and
resources, to capture the shake-up in UK financial services distribution.  The
IFA sector is about to enter a period of rapid change due to economic, social
and political pressure, especially the due to the impact of CP121.


'We believe that BBB, which is already one of the top five largest IFA groups in
the UK, is now strategically poised to take advantage of this new era in
financial services distribution and we look forward to the future with a great
deal of enthusiasm.'


Craig Butcher, Group Financial Director, commented:


'Since the creation of Berkeley Berry Birch we have already seen a strong
appetite amongst successful regional IFA practices to come under and national
IFA umbrella and BBNA is ideally placed to capitalise on this market 
development'





For further information please contact:


Berkeley Berry Birch plc

Stephen Ingledew
Group Deputy Chief Executive                                   07774 185 779
                                                               020 7563 6100


Citigate Dewe Rogerson
Patrick Toyne Sewell                                           020 7638 9571
Vaughan Andrewartha                                            020 7282 2812













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