RNS Number:8888N
Marylebone Warwick Balfour Grp PLC
23 July 2003


FOR IMMEDIATE RELEASE

23rd July 2003


MWB CLOSES EUROPEAN BUSINESS CENTRE OPERATION


Marylebone Warwick Balfour Group Plc ("MWB") today announces that, through its
majority owned subsidiary MWB Business Exchange Europe Limited ("Business
Exchange"), it has closed its five serviced office centres in Holland and
Germany and placed its four French centres into administration.


This covers Business Exchange's entire European operation and comprises three
German centres, in Berlin, Frankfurt and Munich, two centres in Amsterdam and
four in Paris.


The move follows the demerger, earlier this month, of the serviced office
operation into two separate and independent groups of companies, one for the UK
and one for Europe. As a result there will be no financial impact on the UK
serviced office business.


Richard Balfour-Lynn, MWB Chief Executive, said: "Naturally I am disappointed
that the European operation has not met our expectations largely as a result of
the worsening economies in the countries of operation. It was important we took
decisive action to cap the losses being generated by our European activities and
we have made a clean exit from that side of the business.


"This action will enable us to focus resources on our successful UK serviced
office business which is faring well considering the current climate."

MWB Business Exchange currently operates a total of 35 serviced office centres
in the UK.

                                     Ends.

Contact:

Richard Balfour-Lynn, Chief Executive, MWB.     Tel: 020 7706 2121

Baron Phillips, Baron Phillips Associates.      Tel: 020 7397 8932






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