REC Record Plc

RNS Number:2444R
Reece PLC
11 February 2002

11 February 2002



Reece PLC in Administration

Re: Directorate

The Company has today been informed that Classbest Limited has taken an option
over the 29.9% of its issued share capital currently held by Montpellier Group
PLC ("Montpellier").

As a result the Administrators of the Company have appointed David Morgan of
Classbest Limited to the Board of the Company as interim Executive Chairman.
Jeremy Cannell of Classbest and Glynn Reece an adviser to Classbest, have also
been appointed to the Board as Non-Executive Directors.

A.N. McArthur and P.J.P Gyllenhammer, both of Montpellier, have resigned from
the Board with immediate effect.

The new Board intends to re-organise the Company's affairs such as to facilitate
an equitable and formal arrangement with its creditors.

The intention is for the Company to then prepare for an acquisition in the
Business Services sector. The directors intend that this should enable the
shareholders via a re-listing to realise their capital and/or retain ownership
of a successful and satisfactorily financed entity.

David Morgan, appointed to the Board on 8 February 2002 will act as the single
Executive Director, his main role being to co-ordinate the re-financing of the
company and to reach a mutually acceptable agreement with the Creditors.

Jeremy Cannell and Glynn Reece were appointed to the Board on 8 February 2002 as
Non-Executive Directors.

None of the newly appointed directors has been a director of any other publicly
quoted company at any time in the previous five years. David Morgan, Jeremy
Cannell and Glynn Reece have all been directors of a number of private
companies. Glynn Reece was a consultant to and director of Econolux Kitchens
Limited, which went into receivership in 1994.

There are no other matters relating to David Morgan, Jeremy Cannell and Glynn
Reece, which require to be disclosed under paragraphs 6.F.2 (b) -(g) of the
Listing Rules of the UK Listing Authority.

ENDS

Contact:           D. Morgan                   020 8405 6317/077 33 22 8102



On behalf of Grant Thornton
Simon Rothschild                               020 7929 5599
Holborn





















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