Scheme effective

Next PLC
25 November 2002



 CAPITAL RECONSTRUCTION OF NEXT GROUP PLC (FORMERLY NEXT PLC) AND ADMISSION OF
                       NEXT PLC (FORMERLY NEXT GROUP PLC)


The Boards of NEXT plc and NEXT Group Plc announce that on 22 November 2002 the
capital reconstruction of NEXT Group Plc (formerly NEXT plc, company number
35161) by way of a scheme of arrangement under section 425 of the Companies Act
1985 (the 'Scheme') to introduce a new listed holding company, NEXT plc
(formerly NEXT Group Plc, company number 4412362), became effective. The issued
ordinary share capital of NEXT plc will be admitted to the Official List and to
trading on the London Stock Exchange's market for listed securities at 8.00 a.m.
today.

In addition, on 22 November 2002 the changes of name of NEXT plc to NEXT Group
Plc and NEXT Group Plc (the new holding company) to NEXT plc became effective.

The High Court is expected to approve the Reduction of Capital of NEXT plc at a
hearing to be held today.  The Reduction of Capital is expected to become
effective at or after 4.30 p.m. on 26 November 2002 whereupon the nominal value
of a NEXT plc 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 plc and NEXT Group Plc in
connection with the Scheme and the listing of the ordinary share capital of NEXT
plc (the 'Listing') and no-one else and will not be responsible to anyone other
than NEXT plc and NEXT Group Plc 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 Group Plc 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