- McKay Securities has completed a comprehensive refinancing of its loan facilities. The refinancing has increased the scale of the Group's loan portfolio from £155 million to £175 million, with Aviva Commercial Finance Ltd introduced as a new lender and relationships maintained with three of the Group's four lending banks.

It provides an extended maturity profile and secures the Group's borrowings ahead of loan expiries due to commence in 2016.

The new loan from Aviva is a £55 million facility with a fifteen year term, fixed at 4.13%. This replaces a bank facility of £47 million due to expire in February 2016.

Facilities with other existing lending banks have been increased by £12 million to £120 million, of which new facilities account for £85 million on five year terms.

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