Board Changes and Update

RNS Number:0232X
Mayflower Corporation PLC
29 March 2004


Embargoed 7.00 am Monday 29 March 2004

                  THE MAYFLOWER CORPORATION PLC ("Mayflower")

                       Board Changes and Financial Update

Mayflower announces that John Simpson (Chief Executive), David Donnelly (Finance
Director) and John Fleming (Joint Managing Director) will be leaving the Group
with effect from the date of the preliminary announcement of the Group's 2003
results, now expected to be in April. Alan Jamieson, who was appointed as Chief
Restructuring Officer in February 2004, will become Chief Executive at this time
and Bruce Wright will join the Board as interim Finance Director.

Rupert Hambro has indicated that he intends to step down as Chairman, during
this year, as soon as a successor is found.

As a separate matter, Mayflower also announces that it has discovered certain
accounting irregularities in its TransBus Division. These irregularities relate
principally to delays in passing on payments from customers to one of the
Group's finance providers. The adjustments required as a result of these
irregularities are likely to increase the Group's previously announced net debt
figure at 31 December 2003. It is currently expected that the increase in net
debt will be less than #20 million. The Group is not currently aware of any
adjustment that would alter profit. Investigations by PricewaterhouseCoopers are
continuing.

Mayflower continues to be in discussions withits principal lenders about
renewed financing arrangements.

                                 Alan Jamieson

Alan Jamieson is a veteran restructuring specialist with almost 30 years of
experience in this area. During 26 years with PricewaterhouseCoopers, Alan led
the European Business Recovery practice. Since 2001, Alan has led the
restructuring of several public and private companies including taking the role
of Chief Restructuring Officer of Mikron Holdings, a Swiss based public
engineering group.

                                  Bruce Wright

Bruce Wright is an experienced finance director with extensive knowledge of
interim management. In the past 33 years, Bruce has held management positions
with 14 public companies most recently as Finance Director of Chubb plc, Kwik
Fit Holdings Ltd, First Choice Holidays plc and B&Q.

Enquiries

Gavin Anderson & Company          020 7554 1400
Liz Morley/Tom Siveyer







                      This information is provided by RNS
            The company news service from the London Stock Exchange

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