Disposal Of Deep Pan Pizza

City Centre Restaurants PLC
5 September 2001

                         CITY CENTRE RESTAURANTS PLC

                          Disposal of Deep Pan Pizza


City Centre Restaurants plc ('City Centre') is pleased to announce that it has
agreed terms and exchanged contracts for the disposal of 49 out of the
remaining 54 Deep Pan Pizza restaurants for a consideration of £4.0 million.
The purchaser is DPP Restaurants Limited ('DPPR'), a new company formed for
the transaction, backed by Lloyds TSB plc and a management team led by Bill
McTaggart - Deep Pan Pizza's current Operations Director.  Consideration will
be satisfied as to £1.0 million in cash on completion, £2.3 million payable in
cash over the next two years and the sale of a freehold for £0.7 million two
years from completion. The net proceeds from the disposal will be used to
reduce the group's borrowings.

As part of the agreement, City Centre will have a seat on the new company's
Board and will subscribe at nominal cost for a shareholding of 19.9% in DPPR.
It is expected that the transaction will be completed at the year end.

As at 31 December 2000, the aggregate net asset value of the Deep Pan Pizza
restaurants being disposed of was £3.3 million and for the year ended 31
December 2000 they recorded a loss before tax of £0.3 million.

In addition, contracts have been exchanged for the disposal of two out of the
remaining five Deep Pan Pizza restaurants not included in the sale.  The
remaining three are expected to be disposed of in due course.



Alan Jackson, Chairman of City Centre Restaurants plc, said:

'The disposal of Deep Pan Pizza is the first step towards our goal of making
City Centre Restaurants plc a more focused restaurants group.'



                                                              5 September 2001


ENQUIRIES:


City Centre Restaurants plc                   Tel:  [phone]
Alan Jackson, Chairman
Andrew Guy, Chief Executive

College Hill Associates                       Tel: [phone]
Justine Warren
Matthew Smallwood