The company behind wholesale supplier Aruna Homeware has deleveraged as a result of a restructuring that saw Royal Bank of Scotland take a minority stake in the company.

Just filed accounts show RAGM PLC issued 10,606 non-voting shares to an RBS investment subsidiary last May as part of the restructure, which saw the company agree a five-year term loan and cut overall net debt to £3.2m (2014: £4.6m).

The Glasgow based company’s latest annual return shows there are 60,602 shares in all, with 40,000 ordinary shares owned by Ajay Chopra and 10,000 by Aruna Chopra.

RAGM has two divisions; a fast-moving consumer goods wholesale business and its household goods arm Aruna Homeware, which majors in decorative accents such as wall art and supplies major British retailers.

Year to end September revenue climbed 14.2 per cent to £28.1m with directors saying turnover was up across both divisions, with growth highest in its homewares business.