Bank of Scotland press release

Bank of Scotland provides multi million pound funding for funds MBO of Peebles Publishing

Monday 5th November 2001

Bank of Scotland Corporate Banking has arranged a senior debt package and working capital facilities to support the Management Buy Out of Peebles Publishing Group Limited, the largest independent business publisher in Scotland. The company will be re-named Peebles Media Group Limited.

Yvonne Bremner, the current Managing Director of the Glasgow based publisher has acquired both the business and assets from Clive and Oliver Peebles (brothers). Peebles Publishing specialises in trade journals including Scottish Licence Trade News, Scottish Caterer, Scottish Grocer and Project Scotland; a percentage of its revenue stream comes from organising related exhibitions.

Bank of Scotland Structured Finance has provided the majority of the overall funding requirement. The funding will enable this well-respected Scottish business to build a secure and prosperous future. Yvonne was advised by Deloitte & Touche Corporate Finance in Glasgow and Semple Fraser solicitors.

Yvonne joined Peebles Publishing Limited as Finance Director in 1988 and has been Managing Director since the summer of 2000.

Commenting on the deal, Yvonne Bremner of Peebles Media Group Limited, said:

"I am delighted that Bank of Scotland has supported our business with funding to enable us to drive the company forward. They understood our requirements and developed a funding structure to match the nature of our business needs."

Graham Silcock, Director of Structured Finance at Bank of Scotland, added:

"Peebles Publishing is a valued customer and we have maintained a solid relationship since l984. We consider Yvonne Bremner to be a very capable and experienced operator who has the ability to develop the business in the future - Peebles is a strong player in the publishing sector."

Notes for Business Editors:

Bank of Scotland Corporate Banking Division comprises Relationship Banking teams and deal financing teams across 31 locations throughout the UK and overseas. In 2001, Corporate Banking contributed 352 million towards Bank of Scotland's total pre-tax profit. The Bank's Structured Finance team has held the position of UK and pan-European market leader in the provision of debt for management buy-outs for the last ten years according to Thomson Financial.