Offer Update

GPG (UK) Holdings PLC
23 April 2004




                     POSSIBLE ACQUISITION OF PREMIER LODGE
                              BY DE VERE GROUP PLC

GPG (UK) Holdings plc ('GPG') notes yesterday's announcement by De Vere Group
plc ('De Vere'). Whilst, as presented, the commercial logic for the possible
acquisition appears sound, the level of financial obligations to be assumed
under any deal would be the paramount consideration in assessing its overall
attractiveness. GPG also notes that the acquisition of Premier Lodge is
conditional upon a successful competitive tender.

Notwithstanding the above, the Board of GPG believes that De Vere would be best
advised to apply the same strict investment criteria to its existing De Vere
Hotel division the disposal of which is the core tenet behind GPG's Partial
Offer.

Blake Nixon, Chairman of GPG, commented 'the possible acquisition of Premier
Lodge seems sensible in principle but cries out for De Vere to apply the same
standards to its key De Vere Hotels division.'

Strand Partners Limited, which is regulated in the United Kingdom by the
Financial Services Authority, has approved the contents of this financial
promotion and its communication by GPG for the purposes of Section 21 of the
Financial Services and Markets Act 2000.
Strand Partners Limited is acting for GPG and no-one else in connection with the
Partial Offer and will not be responsible to anyone other than GPG for providing
the protections afforded to clients of Strand Partners Limited nor for giving
advice in relation to the Partial Offer.

The directors of GPG accept responsibility for the information contained in this
announcement. To the best of the knowledge and belief of the directors of GPG
(who have taken all reasonable care to ensure that such is the case), the
information contained in this announcement is in accordance with the facts and
does not omit anything likely to affect the import of such information.




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