Tender Offer

Guinness Peat Group PLC
28 March 2001


                   GUINNESS PEAT GROUP PLC
                              
                      TENDER OFFER FOR

                     4,950,000 SHARES OF
                              
                      TIME PRODUCTS PLC
                              

Guinness Peat Group plc ('GPG') announces that yesterday  it
posted  to  the  shareholders of Time  Products  plc  ('Time
Products')  a  Tender  Offer document  and  Form  of  Tender
offering  to purchase (by the way of tender) up to 4,950,000
ordinary  shares  representing  11.8% of  the  issued  share
capital  of  Time  Products  (the  'Tender  Offer').     GPG
currently holds 7,593,598 ordinary shares representing 18.1%
of the issued share capital of Time Products. The details of
the Tender Offer are as follows:

The  maximum price that GPG will pay for each ordinary share
of  Time Products is £1.50. This maximum price represents  a
premium of 6 percent over the mid-market price  of  ordinary  
shares in Time Products at close of  business  on  26  March 
2001.

Shareholders may tender their shares in Time Products in two
ways:

   * Tenders may be  made at  the  striking  price  (the  lowest 
     price at which GPG can acquire 4,950,000 ordinary shares in 
     Time Products pursuant  to the Tender  Offer) in which case 
     the shareholder will be treated as having tendered  at  the 
     price at which the striking price is ultimately set. In the
     unlikely event that it is not possible to  set the striking
     price by reference to any fixed price  tender received, the
     striking price shall be deemed to be 140 pence per share; or

   * Tenders may be made at one or different fixed price(s)(up to 
     a maximum price of 150 pence per share).  In the latter case 
     tenders will only  be  accepted  to  the  extent  of  shares 
     tendered at prices equal to or less than the  striking price 
     (as referred to above) subject, in the case of  tenders made 
     at a price equal to the striking price, to scaling  down pro  
     rata.

If  tenders totalling less than 1% of the voting  rights  of
Time  Products are received the Tender Offer will  be  void;
subject  to  the  aforementioned condition, a  shareholder's
Tender will be irrevocable.

The  Tender  Offer will close at 3.00pm on  Friday  6  April
2001. The results of the Tender Offer will be  announced  at
8.00am  on Monday 9 April 2001. If the Tender Offer  becomes
unconditional, cheques in respect of successful tenders will
be dispatched, or payment in respect of CREST holdings made,
no  later  than  Friday 20 April 2001. If the  Tender  Offer
becomes  void  then share certificates will be  returned  by
Friday  20  April 2001 or CREST Holdings will be re-credited
to  the  relevant shareholder by Friday 13 April  2001.   To
accept  the Tender Offer Tender Forms and share certificates
(where appropriate) should be sent to GPG's receiving agent,
Computershare  Services  PLC, PO  Box  859,  The  Pavilions,
Bridgewater  Road, Bristol BS99 1XZ. Shares  held  in  CREST
should  be  transferred  to Computershare  Services  PLC  as
escrow agent, in accordance with the Tender Form.
     
An advertisement in respect of the terms of the Tender Offer  
(as authorised by MacIntyre Corporate Finance Limited)  will  
be published in the Financial Times and the Daily  Telegraph  
on 30 March 2001.
     
Copies of the Tender Offer Document and additional Forms  of
Tender  may  be  obtained  from  the  receiving  agents   as
described above.

                                                    
                              
For further information, contact:

Blake Nixon, UK Executive Director
Guinness Peat Group plc                        020 7236 0336

Kevin Smith/Becky Jewers
Square Mile BSMG                               020 7601 1000