Interim Results - 6 Months to 31 October 1999

Taverners Trust PLC
15 December 1999



                    THE TAVERNERS TRUST PLC
           Announcement of Unaudited Interim Results
             for the six months to 31 October 1999

During the six month period under review the Fully diluted Net
Asset Value of your Trust advanced by 10.7% from 112.8p to
124.9p while our benchmark FTSE Actuaries Restaurants Pubs and
Breweries index fell by 21.2%.  Since the end of the period on
31 October, the Trust's Net Asset Value has declined by 3.8%
while the Restaurants, Pubs and Breweries index has increased
by 1.5%, this reversal being occasioned by a better showing in
recent weeks by the larger companies.

Your Company does not invest in the large companies that
dominate the benchmark index so that the outperformance during
the half-year largely reflected the misfortunes of the larger
companies such as Whitbread whose share price had fallen by
over 40% from the level it reached during its bid for the
Allied Domecq Pubs; additionally both Bass and Scottish and
Newcastle underperformed in part because of investors' concern
about industry pricing.  As a result of this, the Trust's NAV
since its launch in April 1996 has now drawn ahead of the
benchmark FTSE Restaurants Pubs and Breweries index.
Taverners was launched on the proposition that better capital
growth can be achieved by investing in the smaller companies
in the industry rather than in the national brewers; this
belief is supported by the better performance of smaller
companies in the 1999 calendar year.

It is noteworthy that three of the portfolio's better
performers in recent months viz; Springwood, Po Na Na and
Chorion are late night operators.  Certainly it does seem that
sentiment towards this section of the market has improved
while many would suggest that they will be substantial
beneficiaries of the millennium trading period.  Until
recently the night club operations of First Leisure, Rank and
European Leisure were under managed and had too many out of
town sites; downbeat trading statements by these three tended
to damage the rating of the rest of the sub-sector; all three
have now sold their clubs thus creating a healthier position
in this part of the industry.  The minimum wage and working
time directive appear to have had less of an impact on
staffing costs in the night club sector while clubbers, some
of whom have actually gained from the minimum wage
legislation, are more confident in retaining their jobs and
are spending accordingly.  Additionally, fears that nightclubs
will lose clientele if pub hours are lengthened have receded.

With regard to the wider scene, it would seem that the Brewery
and Pub sector is presently out of favour at a time when its
business is improving.  It is true that following last year's
poor summer, trade did not recover against the soft
comparatives of 1998 as well as had been hoped; however the
outcome of the market's neglect of the sector is that
companies like Burtonwood, Belhaven, Wolverhampton and Greene
King all of which are looking forward to earnings growth of
12%+ over the next two years stand on single figure
price/earnings ratios and in many cases at a discount to Net
Asset Value. It appears that the ratings of the majors have
declined to a point that they have come into line with the
smaller companies.  Yet in reality there are plenty of these
companies in the industry which are nimble enough to beat the
earnings growth of the nationals.  However, it is possible
that the trading statements put out by Bass and Scottish and
Newcastle last week will start to create a better sentiment
towards all companies in the sector.

The industry recently received the good news of a relatively benign
regime for pubs in the upcoming business rate revaluation
which had threatened to put some marginal properties out of
business.  A White Paper on the future of licensing is due in
the New Year and a recent newspaper article has suggested than
it will propose hours and regulations slightly more liberal
that expected; this also will be good news for the industry.
There remains the possibility that the blood alcohol limit for
drinking and driving will be reduced; the government has been
delaying their response on this matter but a decision is
expected in the New Year.  The House of Lords refused Shepherd
Neame leave to appeal the decision that ended their legal
campaign against the UK government's beer duty increase.
However, although bootlegging continues to grow, the traffic
in legal personal imports has reduced with the abolition of
Duty Free and much of this business appears to have switched
to wine.  The pain inflicted on brewers from imports is
therefore at present becoming worse more slowly.

The present comparative lack of interest in the sector while
investors chase the glamorous e-commerce and telecom stocks
seems to us to provide a buying opportunity.  Currently we are
seeing a number of well-managed businesses whose share prices
we expect to move significantly higher over the next few
months.  In these circumstances and in view of the fact that
the past investment record of the Trust has been sound in
quite testing circumstances, there are grounds for expecting
an improvement in the Trust's NAV.  The Board is hopeful that
this will lead to a reduction in the discount at which the
share price currently stands.

Lionel Ross
Chairman
15 December 1999

The unaudited results were:

Statement of total return (incorporating the revenue account*)
For the six months to 31 October 1999

                                   Six months ended
                                   31 October 1999
                                     (unaudited)
                              Revenue     Capital     Total
                                £'000       £'000     £'000
                                                           
Gains on investments                -       2,390     2,390
                                                           
Income                            314           -       314
Investment management fee         (82)        (82)     (164)
Other expenses                    (90)          -       (90)
                                 ----       -----     -----
Net return before finance                                  
costs and taxation                142       2,308     2,450
Interest payable and                                       
similar charges                   (52)        (52)     (104)
                                 ----       -----     -----
Return on ordinary                                         
activities before tax              90       2,256     2,346
Tax on ordinary
activities                        (35)          3       (32)
                                 ----       -----     -----
Return attributable to                                     
Ordinary shareholders                                      
transferred to reserves            55       2,259     2,314
                                 ====       =====     =====
Return per Ordinary share                                  
(pence):
- Basic                          0.35       14.23     14.58
                                 ====       =====     =====

                                   Six months ended
                                   31 October 1998
                                     (unaudited)
                              Revenue     Capital     Total
                                £'000       £'000     £'000
                                                           
Loss on investments                  -     (7,348)   (7,348)
                                                           
Income                            322           -       322
Investment management fee         (73)        (73)     (146)
Other expenses                    (93)          -       (93)
                                 ----       -----     -----
Net return/(loss) before                                   
finance costs and
taxation                          156      (7,421)   (7,265)
Interest payable and                                       
similar charges                   (60)        (59)     (119)
                                 ----       -----     -----
Return/(loss) on ordinary                                  
activities before tax              96      (7,480)   (7,384)
Tax on ordinary
activities                        (61)          2       (59)
                                 ----       -----     -----
Return/(loss)                                              
attributable to Ordinary                                   
shareholders transferred
to reserves                        35      (7,478)   (7,443)
                                 ====       =====     =====
Return per Ordinary share                                  
(pence):
- Basic                          0.22      (47.19)   (46.97)
                                 ====       =====     =====


Balance Sheet of the Company as at 31 October 1999

                                    31         31        30 
                               October    October      April
                                  1999       1998       1999
                            (unaudited)(unaudited)  (audited)
                                 £'000      £'000      £'000
                                                         
Fixed assets                                        
Investments                     23,593     16,969     20,216
Current assets                                      
Debtors                            167         93        549
Cash at bank and in hand           249        186        664
                                ------     ------     ------
                                   416        279      1,213
Creditors: amounts falling                          
due within one year               (328)      (239)    (3,150)
                                ------     ------     ------
Net current                         
assets/(liabilities)                88         40     (1,937)
                                ------     ------     ------
Total assets less current                           
liabilities                     23,681     17,009     18,279
Creditors: Amounts falling                          
due after one year              (3,000)    (3,000)         -
                                ------     ------     ------
Net assets                      20,681     14,009     18,279
                                ======     ======     ======
Capital and reserves                                
Called-up share capital          3,984      3,962      3,962
Share premium account           10,536     10,442     10,442
Other reserves                                      
 Warrant reserve                   981      1,009      1,009
 Capital reserve - realised      1,856        461        883
 Capital reserve - unrealised    3,161     (1,985)     1,875
Revenue reserve                    163        120        108
                                ------     ------     ------
Total shareholder's funds       20,681     14,009     18,279
                                ======     ======     ======
Net asset value per Ordinary                        
share (pence):
Basic                           129.78     115.34      88.40
                                ======     ======     ======
Diluted                         124.95        n/a     112.78
                                ======     ======     ======
Notes:

1  The  interim  financial statements have  been  prepared  in
   accordance with applicable accounting standards  and  under
   the  historic  cost convention as modified to  include  the
   revaluation of fixed asset investments.
2  The  interim financial statements for the period  ended  31
   October  1999 are unaudited and do not constitute statutory
   accounts.    The financial information for the  year  ended
   30  April  1999  has been abridged from published  accounts
   that have been delivered to the Registrar of Companies  and
   on which the report of the auditors was unqualified.
3  In  accordance with stated policy, no interim dividend  has
   been declared (1998 - nil).
4  The  basic  revenue return per Ordinary share is  based  on
   net  revenue  on  ordinary  activities  after  taxation  of
   £55,000   (1998  -  £35,000)  and  on  15,877,174  Ordinary
   shares,  being  the  weighted average  number  of  Ordinary
   shares in issue for the period (1998 - 15,848,000).
5  The  basic capital return per share is based on net capital
   gains  of  £2,259,000  (1998  -  £7,478,000  loss)  and  on
   15,877,174  Ordinary  shares, being  the  weighted  average
   number  of Ordinary shares in issue for the period (1998  -
   15,848,000).
6  The  fully-diluted returns per Ordinary share have not been
   shown  for  the  periods to 31 October  1999  and  1998  in
   accordance with FRS14 'Earnings per Share' as there  is  no
   dilution  in earnings resulting from the Warrants in  issue
   as  the average share prices for the periods are less  than
   the exercise price of the Warrants.
7  The  fully-diluted net asset values per Ordinary share have
   been  calculated by reference to the total number of shares
   in  issue  at  the  period end and on the  assumption  that
   those  Warrants which are not exercised at the period  end,
   amounting  to  3,081,600 Warrants (1998 - 3,169,600),  were
   fully  exercised  on the first day of the financial  period
   at  100p  per share, giving a total of 19,017,600  Ordinary
   shares.
8  Copies  of  the  Interim  Report  will  be  posted  to  all
   shareholders and warrant holders in due course. Copies  may
   be  obtained  from  One Bow Churchyard,  Cheapside,  London
   EC4M  9HH.


15 December 1999                               Aberdeen Asset
                                               Management PLC
                                               - Secretaries

Review report by Ernst & Young to The Taverners Trust PLC

We have reviewed the interim financial information for the
period ended 31 October 1999 set out above which is the
responsibility of, and has been approved by, the Directors.
Our responsibility is to report on the results of our review.

Our review was carried out having regard to the Bulletin
Review of Interim Financial Information, issued by the
Auditing Practices Board.  This review consisted principally
of applying analytical procedures to the underlying financial
data, assessing whether accounting policies have been
consistently applied and making enquiries of management
responsible for financial and accounting matters.  The review
excluded audit procedures such as tests of controls and
verification of assets and liabilities and was therefore
substantially less in scope than an audit performed in
accordance with Auditing Standards. Accordingly we do not
express an audit opinion on the interim financial information.

On the basis of our review:

-  in our opinion the interim financial information has been
   prepared using accounting policies consistent with those
   adopted by The Taverners Trust PLC in its financial
   statements for the year ended 30 April 1999; and
   
-  we are not aware of any material modifications that should
   be made to the interim financial information as presented.


Ernst & Young
London
15 December 1999