(MAE) Mallett

Mallett PLC

Interim Management Statement

Mallett PLC ("Mallett" or the "Company"), dealer in high quality antique furniture and works of art, issues the following interim management statement for the period from 1^st July 2011 to 16^th November 2011.

Property move

As announced by the Company on 9 November, we are pleased to report that last week that we signed the lease on our new London showroom which will launch a new era for Mallett. The new showroom is Ely House, a grand 18^th Century Grade 1 listed townhouse in Dover Street, thus keeping Mallett in the heart of Mayfair. It was built between 1772 and 1776 for the Bishop of Ely by the renowned architect Robert Taylor (1714-1788) and was described as "one of the best houses in London" by Country Life in 2002. The magnificent interiors retaining much of their original stucco decoration will provide the ideal framework for the high quality furniture and works of art that are the hallmark of Mallett. At approximately 14,500 square feet over 6 floors, it is larger than our current premises, but our rental cost will be reduced by more than 50% as a result of the move. No upfront consideration is payable to take on the lease and there is a one year rent free period which will allow for the completion of a certain amount of refurbishment work, principally the installation of  high quality lighting for exhibiting our pieces, before moving in on or before 23^rd February 2012.

At the same time we have received landlord's consent to the assignment of our lease on our current London showroom, 141 New Bond Street, to Fendi UK Limited for £1.7m. The assignment is therefore now unconditional and is expected to complete on 23^rd February 2012, with the funds from the sale being used to cover the refurbishment costs on Ely House and for general working capital requirements.

Current trading

Energy levels have been slow to return to the market since the summer holidays, following the encouraging activity we experienced during the middle part of the year. However, our year-to-date trading results are currently ahead of last year's and are in line with management expectations.

We exhibited at the Fine Art Asia fair in Hong Kong for the first time in October. This was successful in raising the profile of Mallett in that area and in making new contacts.  We will look to build on these relationships over the coming months to raise our sales and marketing efforts in China and Asia. We, once again, exhibited at the International Fine Art and Antique Dealers Show in New York and again made a number of sales, although the mood in the city was more subdued than in previous years.

Financial position

As expected, our net debt position has increased since the half year due to the lower trading levels over the summer holidays and the payment of a rent deposit on completion of the Ely House lease. However, we remain comfortably within our overdraft limit and continue to watch closely for good buying opportunities. Balancing our cash position with the need for new stock to maintain a freshness in our showrooms remains a key focus for management.

For further information please contact:

Giles Hutchinson Smith, Chief Executive                        020 7499 7411

Michael Smyth-Osbourne, Finance Director                  020 7499 7411

Forward Looking Statements

This announcement may include "forward-looking statements".  All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Company's products and services) are forward-looking statements.  Forward-looking statements are subject to risks and uncertainties and accordingly the Company's actual future financial results and operational performance may differ materially from the results and performance expressed in, or implied by, the statements.

These forward-looking statements speak only as at the date of this announcement.  The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect actual results or any change in the assumptions, conditions or circumstances on which any such statements are based unless required to do so by the Financial Services and Markets Act 2000, the Listing Rules or Prospectus Rules of the Financial Services Authority or other applicable laws, regulations or rules.

Mallett PLC

Property move

Following the announcement made on 29 June 2011, Mallett PLC ("Mallett" or the "Company") is pleased to announce that it has received consent from the landlord of its London premises, 141 New Bond Street, to assign its lease to Fendi UK Limited. The assignment is therefore now unconditional and is expected to complete on 23^rd February 2012.

Mallett is also pleased to announce that it has agreed a new 15 year lease to occupy the whole of Ely House, 37 Dover Street, London W1 as its new London showroom. Ely House is an 18^th Century townhouse of grand scale with impressive rooms. It was built between 1772 and 1776 for the Bishop of Ely by the renowned architect Robert Taylor (1714-1788) and was described as "one of the best houses in London" by Country Life in 2002. The magnificent interiors retaining much of their original stucco decoration will make the ideal partner to the furniture and works of art that are the hallmark of Mallett.

The move will reduce the Company's London rental cost by over 50% and no upfront consideration will be payable to take on the lease. The terms of the new lease include a one year rent free period from November 2011 and the Company will undertake a certain amount of refurbishment work on the new premises before moving in on or before 23^rd February 2012.

For further information please contact:

Mallet Plc                                                      020 7499 7411         

Giles Hutchinson Smith, Chief Executive                       

Michael Smyth-Osbourne, Finance Director