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Queensborough Hldgs (QSN)

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Monday 12 June, 2000

Queensborough Hldgs


Queensborough Hldgs PLC
12 June 2000


Queensborough Holdings PLC ('Queensborough') announces that it has today
agreed terms with Dryfern Limited ('Dryfern') for the sale of Pleasurewood
Hills Theme Park, Corton, Lowestoft, Suffolk ('Pleasurewood').  Dryfern is
acquiring the business of Pleasurewood and has entered into a 25 year lease
for the freehold property which is retained by Queensborough.

The agreed consideration is £2million in cash, payable as £1.75million at
completion with £0.25million deferred for up to two years.

The net assets of Pleasurewood, after deducting borrowings of £880,000 were
£1,013,000 at the financial year end and losses for the year to 31 January
2000 were £139,000.

The disposal of Pleasurewood is in line with Queensborough's declared aim of
divestment of peripheral leisure units and will enable it to concentrate on
the core Holiday Business.

The sale proceeds will be applied as working capital.

P Mason
Chief Executive


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