Sale of Focus Wickes shares

Duke Street Capital has sold 28.9 per cent of the shares in Focus Wickes, the UK retail group, to the private equity firm Apax Partners, thereby realising proceeds of £ 340 mio. The remaining shares will continue to be held by Duke Street Capital along with Focus founder, chairman and chief executive Bill Archer, plus senior management and other employees. The transaction is conditional upon receipt of EU merger clearance and is expected to close in the first quarter of 2003.