Press Release - Travelsphere

HG Capital Trust PLC
01 December 2004


The following text is taken from a press release issued by HgCapital, manager of
the investment portfolio of HgCapital Trust plc.  The trust participates in all
of HgCapital's investments.


                    Travelsphere acquires Page & Moy to form
               the UK's largest overseas escorted tour operator.


London, 1 December 2004.  Travelsphere Holdings Ltd, has acquired Page & Moy to
form the UK's largest direct-sell overseas escorted holiday provider for the 45+
age group.  The combined business has sales of some £175 million. Travelsphere
received a significant investment by HgCapital four years ago with the original
founders, Mike Edwards and Richard Mackay and the family of the late Bruce Wake,
retaining a majority shareholding.

Established in 1977, Travelsphere provides tours to over 80 countries worldwide,
including China, the Far East, USA and Europe, marketing to a database of over 2
million addresses.  Page & Moy, which was founded some 40 years ago, operates in
the same market and also has a database of 2 million.  The companies, which are
both located in Leicestershire, will continue to function under their separate
brands while benefiting from considerable economies of scale through joint
purchasing and marketing.

Harry Coe, who joined the Travelsphere Group in 2000 continues as Non-Executive
Chairman.

Jeremy Sharman, Director at HgCapital, said: 'We are delighted to have
contributed to the success of the acquisition, which positions the Travelsphere
Group, ahead of Saga, as the UK's largest provider of escorted tours for the
over 45s.  The business serves the fastest-growing age group of the UK
population, who are increasingly adventurous in their appetite for travel to
overseas destinations.'


Mark Watts, Managing Director of Travelsphere Group, said: 'The combination of
Travelsphere and Page & Moy brings together two strong brands with complementary
positions within the sector. The management teams are relishing the opportunity
to work together in order to build on the success of both businesses.'


Travelsphere was advised by Rothschild.  Page & Moy was advised by KPMG. Debt
facilities were arranged and underwritten by Bank of Scotland Corporate.



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