Disposal

Greencore Group PLC
07 July 2004

GREENCORE GROUP PLC





CONTACT MS. C.M. BERGIN                                TELEPHONE:  [phone]
1029


FAX:  [phone]





Greencore disposes of its interest in James Budgett Sugars Limited ('Budgetts')
for €9.05 million.





Greencore Group plc ('Greencore') announces that it has today sold its interest
in its associate, Budgetts, to Napier Brown Foods plc ('Napier Brown').
Greencore owns one third of Budgetts with ED & F Man Holdings Limited, holding
the balance, the disposal of which also forms part of this transaction.



Budgetts is a UK based distributor of sugar to the food and soft drinks
industries.



The value of the transaction in Greencore is €9.05 million which is comprised as
follows:-



•    €5.75 million cash paid at completion;

•     Deferred consideration of €0.25 million cash paid on the second
anniversary of completion;

•     €0.42 million, being one third of the net debt of Budgetts at completion;
and

•    1,395,349 new ordinary shares in Napier Brown Foods plc which will rank
pari passu in all respects with the existing ordinary shares and which are
expected to be admitted to trading on AIM shortly.     On the closing middle
market quotation of 126.5 pence per ordinary share on 6th July, 2004, these
shares are valued at €2.63 million.



In its financial year ended 26 September, 2003, Greencore's share of the
operating profit of Budgetts amounted to €1.6 million.   Greencore's share of
the net assets of Budgetts at completion amounted to €2.98 million; in addition
goodwill of €1.83 million was written off to reserves on the date of Greencore's
acquisition of its stake in Budgetts and will be included in the calculation of
profit on disposal



Commenting on the sale, Greencore's Chief Executive, David Dilger said 'The sale
of our interest in Budgetts to Napier Brown will enable Greencore to continue to
sharpen its focus on its growing convenience food activities.'







C.M. Bergin

Group Company Secretary





Greencore Group plc,

St. Stephen's Green House,

Earlsfort Terrace,

Dublin 2
                                         7th July, 2004.





An exchange rate of €1 = Stg£0.6720 has been used for the purposes of this
announcement.


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