Acquisition

Galliford Try PLC
27 July 2001

27 July 2001



                              GALLIFORD TRY PLC

                           HOUSEBUILDING ACQUISITION

Acquisition of Knapp Group

As a further step in developing its regional housebuilding businesses,
Galliford Try plc is pleased to announce the acquisition of Knapp Group
Limited, a housebuilder operating in the south west of England that will
strengthen the coverage and add to the land bank of Galliford Try's existing
regional business, Midas Homes.


Galliford Try plc has acquired the entire issued share capital of Knapp Group
Limited ('Knapp').  Knapp undertakes residential development in the south west
of England.  It currently owns or controls 193 plots on five sites in the
region.  The Company is also acquiring Knapp's head office in a prime central
Exeter location for residential redevelopment.


The total consideration payable for Knapp is £4.05m, of which £0.4m is payable
in cash on completion and £3.65m by the issue of loan notes redeemable within
three years.  A further £0.12m may be payable, conditional on achieving a
planning enhancement on one of the sites.  Knapp's current bank debt of £1.1m
is being assumed.  The consideration for the Exeter site of £1.3m is being
satisfied as to £650,000 in cash on completion, with the remaining £650,000
payable within two years.


For its last financial year ended 31 January 2001, the audited accounts of
Knapp show a profit before tax of £0.6m and net assets of £3.8m.  The
consideration is based on forecast net assets at completion of £4.05m, and is
subject to adjustment based on completion accounts to be prepared.


The operations of Knapp will be integrated with Galliford Try's existing south
west regional housebuilder, Midas Homes Limited, contributing to its planned
growth.


Commenting, David Calverley, Chief Executive of Galliford Try said:


'The acquisition of Knapp Group is in line with our strategy of building our
regional housebuilding businesses by concentrating on distinctive sites in
good locations.  It provides an excellent boost to the capacity and coverage
of our existing south west business.'





For further enquiries contact:



David Calverley, Chief Executive                                  01895 855220

George Marsh, Deputy Chief Executive                              01455 222729

Frank Nelson, Finance Director                                    01895 855221

Susan Frost, Beattie Financial                                    020 7398 3300