DIP Dipford Grp

RNS Number:4414W
Dipford Group PLC
12 March 2004



12th March 2004



                               DIPFORD GROUP plc

                 Dipford acquires Redwoods' management contract

Dipford Group plc announces the acquisition of the management contract for the
Cambridge region of its subsidiary company Redwoods Limited, following the
planned retirement of the Regional Director.

It is intended that Dipford will now structure this region in line with the
successful model used by its recent acquisition - Dowling Kerr.


Jonathan Custance Baker, Chairman, Dipford Group plc said:

"As part of the original agreement when Redwoods was acquired in September 2002,
Dipford has the right to buy-in management agreements should the existing
Regional Directors change. As a consequence of the planned retirement of the
Regional Director, the management contract for the Cambridge region was put up
for sale and was under offer. We have exercised our pre-emption rights to match
the offer and buy-in the contract.

"The buy-in will be concluded on 31st March 2004, for a consideration of #50,000
and the Cambridge region will now be operated as an integral part of Redwoods
Limited, rather than under a management contract, with an increased profit
margin to Dipford. The performance of this unit will be assisted by the
efficiencies created through a centralised business service structure and the
development of new areas of operation for Redwoods in the North Midlands and the
North of England."


For further information please call:



Jonathan Custance Baker - Executive Chairman              Tel:  01392 256800
Barrie Newton - Rowan Dartington                          Tel:  01179 330011
Roland Cross - Broadgate      Tel:  020 7726 6111



                      This information is provided by RNS
            The company news service from the London Stock Exchange
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