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LONDON-MWB Group Holdings has received an extension on its banking facilities of roughly $519 million. Bank of Scotland and Royal Bank of Scotland offered the locally-based company the extension.

The facilities are actual three individual loans, provided to Malmaison and Hotel du Vin, MWB Business Exchange and MWB. The previous term lasted until the end of 2009; but with the new extension MWB Group has until December 31, 2011 to repay the facilities.

“It is in the Group’s long term interests to extend these facilities, given the current level of illiquidity in the financial markets, and I strongly believe that this confirms the robustness of our business model and the excellent relationship we have with our financing partners,” says Richard Balfour-Lynn, MWB’s chief executive.

Simultaneously, MWB Group released its 2008 year-end numbers. The group saw its total turnover increase 10.2% to $411 million. EBITDA rose to $4.6 million, a 16% increase from 2007′s numbers.

“Our three operating companies have robust business models that enable each to attract customers who seek real value for money. We have the management, products and service to continue to make progress for the benefit of stakeholders and the communities in which we operate,” says Eric Sanderson, MWB Group chairman.

The company was started in 1994 and focuses mostly on hotels, serviced offices and retail assets. At the end of 2008, MWB Group owned $837.4 million of assets

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