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Austin Reed Group (ARD)

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Tuesday 03 June, 2003

Austin Reed Group

Re: Press speculation

Austin Reed Group PLC
03 June 2003


             AUSTIN REED GROUP PLC ("AUSTIN REED" OR "THE COMPANY")


                         Response to press speculation



The Board of Austin Reed (the "Board") has noted the recent press speculation
regarding a possible offer for the Company from interests including Resurge plc
and Rowland Capital Limited ("the Rowland Family"). The Board received an
initial preliminary offer proposal from the Rowland Family on 25 April 2003
which was rejected by the Board, as announced on 8 May 2003. The Board now
confirms that it received a revised preliminary offer proposal for the Company
from the Rowland Family late on 2 June 2003.


This revised preliminary offer proposal is substantially similar to the initial
preliminary offer proposal in that it is highly conditional and subject, inter
alia, to the completion of extensive due diligence and the obtaining of
financing before any offer could be made. The Board and its advisers have
reviewed the Rowland Family's revised offer proposal and have informed the
Rowland Family that it does not wish to enter into discussions with it.


The Board confirms that it is not in discussions with any party that may lead to
an offer being made for the Company.



Enquiries:


Richard Constant

Gavin Anderson

020 7554 1400


The directors of Austin Reed accept responsibility for the information contained
in this announcement. To the best of the knowledge and belief of the directors
of Austin Reed (who have taken all reasonable care to ensure that such is the
case), the information in this announcement is in accordance with the facts and
does not omit anything likely to affect the import of such information.








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