Re Joint Venture

McBride PLC
7 June 2002

07 June 2002
Embargoed for 0700


                              McBride plc

           Satisfaction of Nichol put option and trading update

McBride plc ('McBride'), Europe's leading supplier of household and personal
care retailer brand products, announces settlement of the put option and a
financial restructuring of its aerosol products joint venture Aerosol Products
Limited ('APL') in which Robert McBride Limited ('RMB'), McBride's UK
subsidiary, will continue to have a 50 per cent. equity interest.

In October 1999 RMB and Nichol Beauty Products Ltd ('Nichol') formed APL,
comprising the Hull-based aerosol activities of RMB together with the aerosol
activities of Nichol. Since October 2001, Nichol has had the option to exercise
a 'put' on RMB of its 50 per cent. equity shareholding for £12m in cash.

The settlement involves a £12m payment by RMB to Nichol in compliance with its
obligations under the 'put' and the acquisition of Nichol's 50 per cent. equity
shareholding in APL.  RMB's existing 50 per cent. equity shareholding in APL is
transferred to The Royal Bank of Scotland plc and Credit Agricole Indosuez (the
two lending banks to APL) (the 'Lending Banks') for a nominal value of £50 in
cash. In addition, RMB will subscribe in cash for £4m of preference shares in
APL.

The Lending Banks have agreed to convert APL's remaining £11m of bank debt into
preference shares to leave APL in a debt free position.

APL is in the process of implementing an operational restructuring plan which
will result in a significant reduction to its cost base and improved capacity
utilisation.  The Directors of McBride expect that APL should, after completion
of the restructuring, provide a positive contribution to group profitability and
cashflow.

As reported in the Interim Statement on 15 February 2002, there will be a
substantial goodwill write off connected with this settlement.  All existing
goodwill relating to RMB's investment in APL, together with that arising on this
transaction, will be written off at a cost of £16m.

In the year ended 30 June 2001, APL had net liabilities of £4.8m and made a net
loss of £11.3m.

Trading in McBride's core household and personal care businesses continues to
improve.  Profit and cash generation, excluding the above APL settlement, during
the second half of the year are both ahead of the first half and in line with
market expectations.  This has been aided by continued sales growth in
Continental Europe combined with tight cost control throughout the group.  The
group currently sees opportunities to maintain sales progress and improve
margins as well as cash generation

Mike Handley, McBride's Chief Executive, commented:

'This transaction removes the uncertainty created by Nichol's put option which
has been overhanging McBride for the last couple of years and puts APL on a firm
financial footing.  We can now concentrate on maintaining the development of our
core household and personal care businesses in the UK, Continental Europe and
Poland.'

For further information please contact:

McBride plc
Mike Handley
Chief Executive

Miles Roberts
Finance Director
01494 607050

Financial Dynamics
Andrew Dowler/Fiona Meiklejohn
020 7831 3113



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