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LEP GROUP ANNOUNCES DISPOSAL OF SWIFT TRANSPORT SERVICES LIMITED

 LEP GROUP ANNOUNCES DISPOSAL OF SWIFT TRANSPORT SERVICES LIMITED
 GREENWICH, Conn., Feb. 18 /PRNewswire/ -- The board of LEP Group plc (ADR - NASDAQ-NMS: LEPGY) today announced that it has sold Swift Transport Services Limited, LEP's wholly owned subsidiary involved in U.K. contract distribution, to Swift Transport Holdings Limited, a newly formed company in which the senior management of Swift and certain financial institutions led by Prudential Venture Managers Limited are shareholders. This represents a continuation of the group's strategy within transportation to focus on freight forwarding.
 Details of the Sale
 Swift has been sold for a total 15 million pounds sterling, comprising consideration of 8 million pounds in cash for the whole of the issued share capital of Swift and the repayment to LEP of intercompany indebtedness of approximately 7 million pounds. The consideration is subject to a retention of approximately 2 million pounds, which will be released in the event that relevant tax clearances are obtained. In addition, Swift Holdings has assumed all of Swift's external borrowings, amounting to approximately 4 million pounds.
 The disposal of Swift will reduce the group's net indebtedness, including finance leases, by the sum of approximately 22 million pounds.
 Information on Swift
 Swift is a provider of overnight and time definite delivery services in the United Kingdom, mainly for the automotive, oil and mechanical engineering industries. It also provides warehousing services and runs integrated logistics contracts.
 Swift reported profits on ordinary activities before tax for the year ended Dec. 31, 1990, of 2.99 million pounds and had net assets at that date of 12.9 million pounds. Trading since that date has reflected, inter alia, the effects if the recession and, in particular, Swift's exposure to the automotive sector.
 -0- 2/18/92
 /CONTACT: William R. Berkley, 203-629-2880, or John East (in England), 011-44-3727-29595, both for LEP Group/
 (LEPGY) CO: LEP Group plc; Swift Transport Services Limited ST: Connecticut IN: SU: TNM


CK-SM -- NY028 -- 9833 02/18/92 10:24 EST
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Publication:PR Newswire
Date:Feb 18, 1992
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