Westbury has set up a joint venture with Bank of Scotland to provide the housebuilder with access to £150 million of new capital. The move will allow Westbury to bid for larger tracts of land in a market that it says is becoming "more difficult". The new 50:50 joint venture company, Wescott Holdings, will operate through two wholly owned subsidiaries. Wescott Homes will develop houses and apartments throughout the UK and Wescott Land will be a land trading company. Wescott will be funded by a combination of equity provided by Westbury and Bank of Scotland and a syndicated loan facility from major UK banks. Westbury is selling one of its major urban schemes into the joint venture.‘Leftbank’, Westbury’s 391 apartment scheme under construction in Manchester, will ensure that the new company will be up and running from the outset. This disposal will realise £40 million in cash for Westbury. Westbury chief executive Martin Donohue said: “This joint venture will give Westbury access to the capital necessary to further reinforce its position as one of the key players in the housebuilding industry, paving the way for even more significant growth in the future.” Finance director John Bennett said: "This sends out …