The head of principal finance at the investment bank, WestLB, Robin Saunders, has reassured the UK-based spirits group, Kyndal, that the company is not for sale, according to a report in the Financial Times.

WestLB funded the Kyndal management buyout from Jim Beam Brands in 2001, and Kyndal, whose brands include Whyte & Mackay whisky and Vladivar vodka, is one of several WestLB investments made by Saunders' team which have been under review following problems arising from another one of her deals.

WestLB has said it was in no hurry to decide what it would be doing with its principal investments, particularly in light of the fact that recent external valuations were higher than those on its own books.

Ms Saunders' letter to Kyndal chairman, Vivian Imerman, said simply that Kyndal was not for sale.