Acquisitions from Courtaulds Textiles

Walker Greenbank PLC
18 February 2000


       Walker Greenbank boosts fabrics capabilities with
           two acquisitions from Courtaulds Textiles


Walker Greenbank plc has agreed terms for the acquisition of
the businesses of Standfast and Weavestyle from Courtaulds
Textiles plc for £9 million to be paid in cash on completion,
subject to adjustment based on actual net assets at that time.
Fabrics already account for approximately half of Walker
Greenbank's sales through its leading brands and the Board
believes that the acquisition of these two fabric design and
manufacturing operations will augment the group's capabilities
and enhance growth opportunities.

The acquisitions, which are conditional on shareholders'
approval, will be earnings enhancing from the outset.  The
Board believes that both businesses represent the best in UK
fabric manufacturing.  They have considerable design expertise
to be allied with Walker Greenbank's distribution
capabilities.  The enlarged group will be able to form a
centre of excellence in fabrics in the same way that it is
creating a centre of excellence in wallcoverings to take
advantage of the considerable talent that exists in the
British design community.

Standfast is one of the country's premier fabric printing
operations supplying a number of leading brands including
Walker Greenbank's own Zoffany and Harlequin ranges.
Weavestyle is a leading producer of woven fabrics in the UK
whose customers include Marks & Spencer and Eclipse Blinds.

Investment has already been made in restructuring both
businesses and they have been returned to profitability.  For
the year ended 31 December 1999 the businesses in aggregate
generated approximately £2 million of earnings before
interest, tax and depreciation and approximately £0.2 million
of operating profits on sales of approximately £16 million.
The combined net assets  (excluding cash) of the Standfast and
Weavestyle businesses at 31 December 1999 were approximately
£8.7 million.  These figures are based on the unaudited
management accounts of Courtaulds.  Further details on these
businesses will be included in the circular to the
shareholders of Walker Greenbank.

Aidan Connolly, Chief Executive, Walker Greenbank plc, said:

     'We are developing Walker Greenbank into an
     international powerhouse of design for interior
     furnishings and supporting this strategy by
     creating centres of excellence in manufacturing
     and distribution.  We have a real opportunity to
     build a group that can forge partnerships and
     deliver better returns in an international market
     place being radically changed by the Internet and
     the development of e-commerce.  This acquisition
     allows us to simplify the supply chain from the
     designer to the consumer and consolidates our
     place within it'.

Lord Thurso, Chairman of Walker Greenbank plc, said:

     'We have undertaken a strategic review of the
     business and these acquisitions are the first step
     in our new strategy to grow the group.  Following
     the rationalisation of the Group's activities in
     the past year, they represent an excellent
     opportunity for us to develop shareholder value'.

Walker Greenbank will be sending a detailed circular to
shareholders setting out details of the acquisitions and a
forthcoming Extraordinary General Meeting.  The Extraordinary
General Meeting will be held before the end of March.  The
group will be announcing its preliminary results for the year
ended 31 January 2000 on 18 April 2000.


For further information contact:

Aidan Connolly, Chief Executive, Walker Greenbank plc
Telephone: [phone]
 
Michael Higgins, KPMG Corporate Finance
Telephone [phone]

John Rudofsky, Citigate Dewe Rogerson
Telephone: [phone]


Notes to Editors

Proposed purchase by Walker Greenbank plc of the Standfast and
      Weavestyle businesses from Courtaulds Textiles plc

Introduction
The Board of Walker Greenbank plc announces today that it has,
through its subsidiary Abaris Holdings, entered into a
conditional agreement with Courtaulds Textiles plc for the
acquisition from Courtaulds Textiles plc of its Standfast and
Weavestyle businesses.

In view of its size, the Purchase is conditional on the
approval of shareholders of Walker Greenbank at an
Extraordinary General Meeting.  Subject to fulfilment of this
condition, completion is expected to take place on 31 March
2000.

The terms of the purchase agreement provide that Abaris
Holdings Limited will acquire the Standfast and Weavestyle
businesses for an aggregate initial consideration of £9
million payable in cash on completion, subject to adjustment
on a pound for pound basis to reflect the net assets of the
businesses as at that date.  The purchase agreement is
conditional on the passing of an ordinary resolution to be
proposed at an Extraordinary General Meeting.

Information on the businesses
The Standfast business ('Standfast') and the Weavestyle
business ('Weavestyle') are part of Courtaulds Furnishings,
one of the four operating divisions of Courtaulds  Textiles
plc, a company listed on the London Stock Exchange.

Weavestyle
Weavestyle, a made-to-order manufacturer of jacquard woven
fabrics, was acquired by Courtaulds in 1971.  It is based in
Silsden, West Yorkshire where it employs approximately 100
people.  The Board considers it to be one of the two primary
manufacturers in the non-contract jacquard woven fabrics
segment and supplies customers such as Marks & Spencer and
Eclipse Blinds.  Although Weavestyle does not offer its own
branded collection of designs it has a substantial design
facility providing creativity to the customer base.
Weavestyle also manufactures dress fabrics for end users in
bridal and ladies eveningwear.

Standfast
Standfast was formed by the amalgamation of two separate
businesses, Standfast and Barracks, both acquired by
Courtaulds in the 1960's.  Standfast specialises in
commissioned, high quality vat and pigment printing.  These
printing services are complemented by a small dyeing
operation. Standfast's manufacturing operations are based in
Lancaster.  Standfast employs approximately 190 people.
Standfast markets its printed fabric manufacturing
capabilities to middle market converters (including Walker
Greenbank's own converters, Zoffany and Harlequin) and
interior designers.  It offers four product services: printing
(both rotary and flat), cloth sourcing, flame retardant
finishing and dyeing.  Clients design their own patterns and
rely on Standfast for the vat and pigment printing.  Vat
printing accounts for approximately 75% of total output with
the fabrics typically used in custom-made curtains and
furniture upholstery.  Pigment printing accounts for
Standfast's remaining output with fabrics used in the
manufacture of curtains.


For further information contact:

Aidan Connolly, Chief Executive, Walker Greenbank plc
Telephone: [phone]

Michael Higgins, KPMG Corporate Finance
Telephone [phone]

John Rudofsky, Citigate Dewe Rogerson
Telephone: [phone]

KPMG Corporate Finance is acting exclusively for Walker
Greenbank plc as financial adviser in relation to the purchase
of the businesses.  KPMG Corporate Finance is not acting for
any other person (including any recipient of this document)
and KPMG Corporate Finance will not be responsible to any
person other than Walker Greenbank plc for providing the
protections afforded to clients of KPMG Corporate Finance or
for providing advice in relation to the purchase or in
relation to the contents of this press release or any matter
referred to herein.