Re: Increases UK Bank Land

McInerney Holdings PLC
3 May 2002


FRIDAY 3rd MAY 2002


                 McINERNEY HOLDINGS plc INCREASES UK LAND BANK

 McInerney Holdings plc today announced it has increased its landbank in the UK
through purchasing a number of sites totalling 274 plots. McInerney Group (Ltd)
  UK acquired these land sites in good locations in the North West of England,
where there is solid population growth and strong demand for housing. The sites
    will involve both housing units and apartment construction. They will be
   developed over two years and bring the McInerney UK controlled landbank to
                               almost 800 units.

The Group land purchases will involve house construction activities in
Blackburn, Oldham, Rochdale and Warrington, with apartment developments planned
for Liverpool city centre and Manchester. These add to the existing developments
in Bolton, Chester, Warrington and Northwich. Further site acquisitions are
under negotiation.

Mr Barry O'Connor, Managing Director, McInerney Holdings plc today stated that
the main factors when selecting the sites included the potential for maximum
return on capital invested and the market demand for properties in each area.

'The UK market presents us with significant opportunity and we have strong
ambitions for business growth there. Our recent acquisition of the
Lancashire-based Charlton Group combined with William Hargreaves Ltd our Bolton
operations leave us excellently placed to take advantage of strong demand for
housing. Of particular interest in our recent land acquisitions will be the fast
turnaround opportunity provided for us by the acquisition of 64 partly completed
sites on existing mature developments purchased as a result of a receivership
situation. Of these 64 units, 24 have sold within the past four weeks,' says
Barry O'Connor.

'Conditions in the UK are extremely favourable to our UK businesses as evidenced
by price rises of 9.4% and 13.8% in 2000 and 2001 respectively. The Group has
the capacity to provide units for low, mid and higher priced houses/apartments,
and our two UK divisions provide us with a strong presence in the North West
region with a market of 8 million people,' Mr O'Connor stated.

                                   ENDS

FOR FURTHER INFORMATION:

Siobhan Molloy/ Susie Horgan, FCC Shandwick   Tel: [phone] 50 66

Notes to editors:

McInerney Holdings plc acquired Charlton Group (UK) Limited in January 2002. Its
principal activities currently include house building and apartment development
with strong brand names Charlton Homes and SPACE. The Company's operations are
mainly focused at the key regional centres of Manchester, Liverpool and Chester.

McInerney Holdings plc acquired William Hargreaves Holdings Limited August 1999.

Based in Bolton, it is a long established Lancashire company whose principal
activities are house-building, commercial property development and general
contracting.


This announcement has been issued through the Companies Announcement Service of

                           the Irish Stock Exchange.


                      This information is provided by RNS
            The company news service from the London Stock Exchange