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Edinburgh Woollen Mill

Bank of Scotland has been mandated to arrange the debt financing to back the GBP67.5 million secondary buyout of Edinburgh Woollen Mill (EWM).

The bank’s integrated finance group is also providing the equity backing to chief executive Philip Day, allowing him to buy out private equity firm Rutland Fund Management, which backed the original GBP49 million LBO in July 2001.

Bank of Scotland has provided total funding worth GBP82.6 million, including working capital facilities. Syndication of the debt is planned for early 2003.