Court Sanctions Scheme

Next PLC
20 November 2002



                  CAPITAL RECONSTRUCTION OF NEXT PLC ('NEXT')

                   HIGH COURT SANCTIONS SCHEME OF ARRANGEMENT


The Board of NEXT announces that at a hearing held today the High Court
sanctioned the proposed scheme of arrangement of NEXT under section 425 of the
Companies Act 1985 (the 'Scheme') to introduce a new listed holding company,
NEXT Group Plc ('NEXT Group'), to be renamed NEXT plc.


Under the terms of the Scheme, holders of NEXT Scheme Shares at the Scheme
Record Time (which is expected to be 4.30 p.m. on Friday 22 November 2002) will
receive one New NEXT Group Share for each NEXT Scheme Share held and cancelled
pursuant to the Scheme.


The Scheme is expected to become effective at or after 4.30 p.m. on 22 November
2002 and the New NEXT Group Shares are expected to be admitted to the Official
List and to trading on the London Stock Exchange's market for listed securities
at 8.00 a.m. on 25 November 2002.


The High Court is expected to approve the Reduction of Capital of NEXT Group at
a hearing on 25 November 2002. The Reduction of Capital is expected to become
effective on 26 November 2002 whereupon the nominal value of a NEXT Group
ordinary share will be reduced from GBP5.00 to 10 pence.


For further information please contact:


NEXT


Simon Wolfson, Chief Executive                             Tel: [phone]
David Keens, Group Finance Director                        Tel: [phone]


LAZARD


Jonathan Dawson                                            Tel: [phone]
Nigel Costain                                              Tel: [phone]



Lazard & Co., Limited ('Lazard'), is acting for NEXT and NEXT Group in
connection with the Scheme and the listing of the ordinary share capital of NEXT
Group Plc (the 'Listing') and no-one else and will not be responsible to anyone
other than NEXT and NEXT Group for providing the protections offered to clients
of Lazard nor for providing advice in relation to the Scheme or the Listing or
any other matters referred to herein.


Terms and expressions used in this announcement shall have the same meaning as
those used in the circular posted to NEXT shareholders on 7 October 2002 unless
the context otherwise requires.


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