Disposal, etc.

Taylor Woodrow PLC
28 July 2000


    TAYLOR WOODROW SELLS GREENHAM TRADING FOR £76.4 MILLION

Taylor Woodrow plc, the international developer, today
announces that it has sold its shares in Greenham Trading to
Bunzl plc for a net cash consideration of £76.4 million, paid
on completion. The proceeds of sale will be used for the
expansion of the company's core housing and property
development activities.

The sale follows Taylor Woodrow's announcement of 15 March
2000 that, following a strategic review, Greenham Trading was
regarded as no longer a core activity and would be disposed
of.

Greenham Trading is primarily involved in the sale and
distribution of supplies including janitorial, personal
protection, construction consumables, air conditioning and
video equipment.  Headquartered in Isleworth, Middlesex, it
has locations across the UK and also in Denmark, Ireland and
Germany.  In 1999, Greenham Trading had sales of £141.6
million and profit before tax of £6.9 million.  Net assets at
31 December 1999 were £31 million.  The consideration will be
adjusted on the basis of the value of shareholders' funds at
completion.

Upon completion of the sale Brian Abrahams, a Director of
Taylor Woodrow plc and Chairman and Chief Executive of
Greenham Trading Limited has resigned his directorships of
those companies.

Keith Egerton, Group Chief Executive, said: 'This disposal
facilitates Taylor Woodrow's drive to leadership positions in
international housing and property, supported by construction
expertise.  In the light of the continuing focus on our core
activities, it is right that Greenham Trading should join with
a company whose activities are more closely aligned with its
own.  This excellent fit is reflected in the full and fair
price we have secured for the business.

'We thank all those who have been involved in the business
over the years for their considerable contributions to the
growth of Taylor Woodrow.  In particular, I thank
Brian Abrahams for his leadership in building up the Greenham
businesses to the prominent position they enjoy today.  To him
and the rest of the Greenham team we extend very best wishes
for the future.'

Taylor Woodrow is a leader in international housing and
property, supported by construction expertise. In the year
ended 31 December 1999, it had revenues of £1.5 billion and a
pre-tax profit of £125 million.


Enquiries:
Nick Jones
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