The Joint Administrators of Acordis UK Limited are pleased to confirm the sale of the business, namely the carbon fibre production facility and the power station owned by the company to The Humber Group of companies.  The sale was completed on Monday 24 October 2005 and will secure on-going employment for all of the remaining workforce.  Ian Brown, Joint Administrator said, “Negotiations for this extremely complex sale have been protracted and completion was only achieved due to the considerable efforts of the Deloitte team and all parties.  This is without doubt the best outcome for the remaining 235 employees, suppliers and customers alike”.

The purchasers are a combination of senior management from Acordis and a consortium of private investors led by Richard Sutton and Paul Snook with funding support from Landsbanki.

Advisor listing:

Administrators - Ian Brown/Neville Kahn/Trevor Birch, partners at Deloitte
Administrators’ solicitors - Nabarro Nathanson, London
Purchasers’ solicitors - Halliwells, Manchester
Purchaser funding support - Landsbanki
Landsbanki solicitors - Speechly Bircham, London

- Ends -

About Deloitte:

In this press release references to Deloitte are references to Deloitte & Touche LLP.

Deloitte & Touche LLP is based in 21 UK locations, with over 9,500 staff nationwide and fee income of £1,355 million in 2004/2005. It is a member firm of Deloitte Touche Tohmatsu, a leading professional services organisation, delivering world-class audit, tax, consulting and corporate finance services, with around 120,000 people in over 140 countries. Deloitte Touche Tohmatsu is a Swiss Verein, and each of its national practices is a separate and independent legal entity.

Deloitte & Touche LLP is authorised and regulated by the Financial Services Authority.

The information contained in this press release is correct at the time of going to press.