Whyte and Mackay has freed itself from further involvement with German investment bank WestLB. The company announced yesterday (1 February) that it has secured a long-term debt refinancing arrangement with Bank of Scotland Corporate.

WestLB had originally provided £190m of long-term debt cover. The refinancing package reduces Whyte and Mackay's senior term debt facility to £135m, and the equity of the business has increased by £15m.  Chairman and CEO Vivian Imerman and his investment partner, Robert Tchenguiz, are left with complete control of the company.

"I am pleased that we have been able to deliver a new finance arrangement that puts the company in a stronger position than ever before," Imerman said. "It is especially gratifying to now be in a financial relationship with a Scottish bank that has a deep interest in working with us as we continue to build a strong future for Whyte and Mackay. It is good news for the company, for our people, for our customers, and for Scotland."

Alan Ross, director of integrated and acquisition finance at Bank of Scotland Corporate, said: "We are delighted to have forged a new partnership with another leading Scottish business. Our knowledge of the industry and reputation as a relationship funder were the deciding factors in Whyte and Mackay's choice of Bank of Scotland. We wish Vivian and his team every continued success."