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The Financial Services Authority (FSA) announced on 24 July 2003 that it was conducting enquiries into the nature and status of certain shareholdings in Chelsea Village plc in the period preceding its takeover by Chelsea Limited.

Following a thorough investigation into these matters, including extensive co-operation with other regulatory authorities, the FSA is closing the case and will take no further action.

Notes to Editors

1. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; the appropriate degree of protection for consumers; and fighting financial crime.
2. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.