Leading Scottish knitwear and tartans producer Edinburgh Woollen Mill has been acquired for £67.5m in a deal headed by its chief executive.

The Langholm-based woollen clothing maker, which operates more than 280 outlets, has been bought by a new company funded by Bank of Scotland corporate banking division and led by CEO Philip Day.

Mr Day said in a statement that a recent restructuring of the group had led to an improved product range, more efficient supply chain and had developed a more nationally recognisable brand.

He continued: "This is a massive vote of confidence in the company and its future. The deal presents my management with the key to the door of future growth.

"With the support of the Bank of Scotland going forward we should be able to maximise the growth of the business over the medium to long term.

"This is a new chapter in the company's history and we aim to build on the business' inherent strength."