Offer Update

Hill & Smith Hldgs PLC
26 October 2000


Hill & Smith Holdings PLC - Recommended Offer for Ash  &
Lacy plc

On 11 October, Hill & Smith Holdings PLC ('Hill & Smith')
announced  the  posting of its formal  recommended  offer
(the  'Offer')  for the entire issued and  to  be  issued
share capital of Ash & Lacy plc ('Ash & Lacy').

The  first  closing date for the Offer  is  3.00pm  on  1
November  2000.  Ash & Lacy shareholders who wish  to  be
able  to  receive their consideration as soon as possible
should accept the Offer by this time.

In accordance with the terms and conditions of the Offer,
the  Additional Share Election will close  on  the  first
closing date.  Ash & Lacy shareholders who wish to  elect
for additional Hill & Smith shares should also accept the
Offer by this time.


PRESS ENQUIRIES

For further information contact:

For Hill & Smith:

Hill & Smith                  01902 357910
David Winterbottom (Chairman)
David Grove (Chief Executive)

Old Mutual Securities              0121 710 4501
Richard Welton

Rawlings PR                        01756 770376
John Rawlings
Catriona Valentine


The  Directors of Hill & Smith accept responsibility  for
the  information contained in this announcement  and,  to
the  best of their knowledge and belief (having 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.

Old  Mutual Securities, which is regulated in the  United
Kingdom  by The Securities and Futures Authority Limited,
is acting exclusively for Hill & Smith and no one else in
connection with the Offer and will not be responsible  to
anyone  other  than  Hill  &  Smith  for  providing   the
protections   afforded  to  customers   of   Old   Mutual
Securities or for giving advice in relation to the Offer.

The  Offer is not being made, directly or indirectly,  in
or into the United States, Canada, Australia or Japan.