Birkby PLC - Chairman's AGM Statement

RNS No 3624m
BIRKBY PLC
2nd September 1997

       Annual General Meeting  -  Chairman's Statement
                               
I  am delighted to announce a good, sound start to the current
year, with all divisions reporting increased trading activity.

The  managed  workspace division, IMEX,  is  performing  well.
Demand  for  workspace  is  buoyant,  particularly  for  small
industrial units of up to 3,000 sq. ft.  At the end of August,
the  cash  equivalent occupancy rate for IMEX  including  IMEX
Enterprise  (formerly BCE centres) was  81.2%,  up  0.7%  from
80.5% at 31 March 1997.

Improving occupancy within the former BCE centres has been  an
ongoing  priority  and I am pleased to  report  that  we  have
achieved  an  increase in the cash equivalent  occupancy  rate
during  the current year from 76.4% at 31 March 1997 to  79.0%
and  we  are confident of further improvements over the coming
months.

Since  the  start  of the summer, there have  been  noticeable
improvements  in  the cash equivalent occupancy  rate  for  In
Shops   as  the  increased  activity  in  the  general  retail
environment  filters through to the sector of the market  from
which  we  traditionally draw our customers.  At  the  end  of
August,  the cash equivalent rate was 78.5%, up 1.3%,  on  the
same point last year.

I  am  pleased to announce the acquisition of two  established
indoor  markets in Clydebank, Glasgow which  we are  confident
will  prove  a  useful addition to the In Shops' portfolio  in
Scotland,  where our concept has been particularly successful.
The  markets provide, in aggregate, 131 units and are  located
in  the  same shopping centre.  We have already fully let  the
larger  of the two.  We have also exchanged contracts for  the
purchase  of  the  leasehold interest of a  weekly  market  in
Erdington,  Birmingham.  The market comprises 136  units  over
22,000  sq.ft. and operates on weekly  terms.  This  operation
differs  from the traditional In Shops centres in as  much  as
the  market  trades four days a week.  It is  located  in  our
Midland heartland and gives us the opportunity to assess a new
format.

We  continuously  monitor  our retail  centres  to  gauge  the
effectiveness  of our sales and marketing initiatives  and  to
identify changes in retail habits.

Where appropriate, we will refurbish and re-launch an existing
centre  where  we  are confident of achieving  an  incremental
return  on capital.  We are currently refurbishing our  centre
in Chelmsley Wood, Birmingham and work on the refurbishment of
our centre in Belfast will begin shortly.  Whilst the In Shops
concept  is  based on small retail units, we have  found  that
established large space users provide a consistency in  income
and   add   to  the  attractiveness  of  our  centres  thereby
increasing customer footfall.  Since the start of the  current
year,  we  have  secured an anchor tenant for  our  centre  in
Kirkby,  Merseyside  and  further  detailed  negotiations  are
taking place with other targeted centres.

Manor Credit, the Group's instalment credit company, continues
to  perform well.  In order to mitigate the impact  on  future
profits  from  increases  in interest  rates,  we  have  taken
advantage  of  current  low  rates and  fixed  interest  costs
associated with the loan book  for the next five years.

The  year  has  started well and we are pleased with  our  new
acquisitions.  Further expansion of the portfolio  of  centres
is  a  primary  objective,  provided  they  meet  our  minimum
investment  target  and  improve the quality  of  the  overall
portfolio.   The Group has adequate resources to fund  further
expansion and we have signalled our intention to add a further
one million square feet to the portfolio during the year.

Further  Enquiries:

Birkby PLC

Bill Cran, Chief Executive                  Tel: 0171 353 1234
Kim Taylor-Smith, Deputy Chief Executive         (2/9/97 only)

Biddick Associates Ltd
Emma Cameron                                Tel: 0171 377 6677


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