SAR - Old English Inns PLC

Schroders PLC
10 September 2001

                                                                    FORM SAR 5

Lodge with Company Announcements Office and Newstrack, if appropriate, and the
Takeover Panel. A copy must also be sent to the company the shares of which
are being sold.

Date of disclosure:     10/09/01

     DISCLOSURE UNDER NOTE 3 ON RULE 5 OF THE RULES GOVERNING SUBSTANTIAL
                       ACQUISITIONS OF SHARES ('SARs')

Date of sale:     07/09/01

Sale of           Old English Inns plc

                       Number of shares/ If rights over shares sold, as opposed
    1)     Class of    rights over       to the shares themselves, specify
    voting shares      shares sold       nature of rights
    (e.g. ordinary
    shares)

Ordinary 25p shares       6,764,706 shares
                                    rights


                                   Resultant total holding of rights Total
    2)     Resultant total holding over shares (and % of total       percentage
    of voting shares (and % of     voting shares in issue)
    total voting shares in issue)


    1,581,422     (4.016 %)        ( %)                             (4.016%)




(3)     Party making disclosure     Schroders plc

                                             Schroders plc on behalf of
        4)(a)     Name of person selling     institutional clients on a
        shares or rights over shares and, if non-beneficial basis
        different, beneficial owner


          (b)     Names of any other
        persons acting by agreement or
        understanding




Signed, for and on behalf of the party named in (3) above

(Also print name of signatory)     Alison Dunn

Telephone and extension number     020 7658 2959 (Direct line)

                         ___________________________

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs. If in doubt, contact the Panel on Takeovers and Mergers, Tel. No.: 020
7638 0129.