Subsid's Acquisition

GREENCORE GROUP PLC 16 July 1999 CONTACT MR. B.J. POWER TELEPHONE 353 1 605 1029 FAX 353 1 605 1104 ACQUISITION BY GREENCORE Greencore's UK Bakery subsidiary, Kears Group Limited ('Kears'), has reached agreement with Carrs Milling Industries plc ('Carrs') for the purchase of Carrs 50% interest in Robertsons Limited ('Robertsons'), along with the leasehold property in Carlisle currently occupied by Robertsons. The aggregate consideration for the purchase will be UK£3.41m in cash (UK£2.41m for the shares and UK£1m for the property), payable at completion. The transaction is subject to the approval of Carrs Shareholders. For the year ended 26th September 1998, Robertsons made a profit before taxation of UK£1,057,000 (1997: UK£1,308,000) on sales of UK£13,315,000 (1997: UK£14,280,000). The net assets of Robertsons at 26th September 1998 were UK£1,730,000. The property is leased by Robertsons (Bakers) Limited and had a net book value of UK£933,000 as at 27th February, 1999. Robertsons carries on business principally as a baker and distributor of bread and baked goods to a range of customers, including major retail chains. Kears, through a subsidiary, already owns 50% of Robertsons and has responsibility for its management. Kears is a leading player in the UK plant bakery sector, with 9 bakeries providing national distribution coverage. Kears continues to expand its business through product innovation, investment and acquisition. B.J. POWER DIRECTOR & SECRETARY GREENCORE GROUP PLC ST. STEPHEN'S GREEN HOUSE EARLSFORT TERRACE DUBLIN 2 16TH JULY 1999.
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