Option Agreement

Victoria PLC
20 December 2002





Issued by Citigate Dewe Rogerson Ltd, Birmingham

Date: Friday 20th December 2002                                IMMEDIATE RELEASE




                                VICTORIA P.L.C.

                 OPTION AGREEMENT FOR THE SALE OF SURPLUS LAND


The Board of Victoria P.L.C. ('Victoria') announces that it has today entered
into an option agreement ('the Agreement') with Whitbread Group PLC ('Whitbread
') relating to Victoria's sports field of approximately 6 acres in
Kidderminster.



The Agreement gives Whitbread the option to purchase up to 2.5 acres of the site
at any time up to 14 November 2005 for the sum of £700,000.  Under certain
circumstances, the option period can be extended to 31 May 2006.  When this
option is exercised, Victoria has the right, but not the obligation, to include
the remainder of the site in the sale, in which event the total consideration
will be increased to £1,000,000.



Victoria will market the second part of the site separately until Whitbread's
option is exercised.  Whitbread will actively pursue planning consent for
development of both parts of the site.



Victoria will retain an interest in the first part of the site for 20 years from
its sale to Whitbread.  In the event of an onward sale within this period
Victoria will remain entitled to 50 per cent. of the uplift in value directly
attributable to a change of planning consent from that which Whitbread will be
seeking for its own intended use of the site.



The property is currently held in the books of Victoria at a value of £50,000.
Victoria has received a fee of £10,000 for the grant of the option, which will
be offset against the exercise price.




Enquiries:


Alan Bullock, Group Managing Director                Fiona Tooley
Victoria P.L.C.                                      Citigate Dewe Rogerson Ltd
Tel: [phone]                                    Tel: [phone]
Mobile: [phone]                                 Mobile: [phone]




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