Acquisition

Lloyds TSB Group PLC
21 November 2001


122/01                                      21 November 2001


LLOYDS TSB COMMERCIAL FINANCE ACQUIRES

LEADING TEMPORARY RECRUITMENT PAYROLL PROVIDER

Lloyds TSB Group plc announces that its subsidiary Lloyds TSB Commercial
Finance Limited, the UK's leading provider of factoring, invoice discounting
and asset-based lending, has acquired CashFriday, the leading provider of
funding and payroll services to the UK temporary recruitment sector, for a
consideration of £10 million. The net asset value of the business being
acquired is £2 million.

Under the terms of the transaction, CashFriday will operate as a subsidiary of
Lloyds TSB Commercial Finance. The acquisition will provide growth
opportunities for both Lloyds TSB Commercial Finance and, the previously
privately owned, CashFriday.

Ted Ettershank, managing director, Lloyds TSB Commercial Finance said: 'There
are obvious synergies between our companies, both are actively operating
within the recruitment marketplace and have expertise in credit control and
finance. CashFriday also represents a solid investment as the temporary
recruitment market is growing at 20  per cent per annum.'

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LLOYDS TSB COMMERCIAL FINANCE ACQUIRES

LEADING TEMPORARY RECRUITMENT PAYROLL PROVIDER ........../2


Tom Atkinson, managing director of Gloucester-based CashFriday added: 'A
number of potential buyers have shown interest in CashFriday over the last
year owing to our strong product and market position. Our relationship with
Lloyds TSB Commercial Finance will allow us to continue to gain market share
in our chosen sector whilst benefiting from the support of a major financial
institution.'

                                   - ends -

For more information:

Lloyds TSB Press Office

Tel: [phone]



Notes to editors

In May 1999 Factoring specialist Alex Lawrie Factors and leading invoice
discounting provider, Lloyds TSB Commercial Finance, embarked on a new
integrated business strategy to forge ahead as the UK's leading provider of
factoring, invoice discounting and asset-based finance.

Over £900 million of working capital is provided to more than 6,000 clients.
Working capital funding is provided through a full range of factoring, invoice
discounting and asset-based lending solutions to any size of business,
including start-ups. With over 800 employees operating from Edinburgh to
Plymouth, Lloyds TSB Commercial Finance is a division of the Lloyds TSB Group.