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White Young Green has announced a major financial restructuring deal that removes the threat hanging over its future.

Announcing the move alongside its full-year results this morning, chief executive Paul Hamer said the deal would see its lenders take control of 60% of the company under the terms of a share issue and debt-for-equity swap, while key employees would get 25% and existing shareholders 15%.

As a result of the three-year deal, the company鈥檚 debt will be cut in half from 拢100m to 拢50m.

Hamer said: 鈥淭his has been about clearing out a historical legacy. This announcement is the first word in the new chapter and will see WYG recreated with a newer stronger identity that will drive value into the business.鈥�

The company also announced plans to raise 鈧�38m (拢34m) on the bond market to fund its overseas growth.

As part of the effort to begin a new chapter, Hamer also said the company plans to change its name from White Young Green to WYG. 鈥淲e want to visibly demonstrate a move into the future,鈥� he said.

Results for the year ended 30 June:

• Turnover: Down 7% from 拢282m to 拢262m
• Pre-tax profit before writedowns: 拢12.1m
• Pre-tax loss after writedowns: 拢129m

More than 拢77m of the writedowns relate to goodwill on a string of acquisitions the company made before Hamer took over the top job from former boss Lawrie Haynes.

It spent 拢85m buying 18 companies in five years in what some observers thought were questionable markets like Ireland.

In relation to current trading, the company said: 鈥淭here remains a lack of confidence and liquidity in many areas in which we trade, but there are also some encouraging signs in respect of opportunities and new contract wins.鈥�

Hamer said he now wanted to move all parts of the business to the high end of the market. 鈥淚f we鈥檙e not a top five player in anything we do we have to ask why we are doing it.鈥�

In terms of international growth, he picked out central and eastern Europe, the Gulf, Africa and Turkey as key areas and, in the longer term, China.