Managing director Gordon Samson and sales director Gillian Lyall are leaving the Livingston-based company, with Samson remaining in place until the end of April.

Pillans & Waddies commercial director Alan Yorkston will take over as managing director and will also assume responsibility for sales.

According to group chairman and chief executive Bob Hodgson, Samson had "made his own decision to move on".

"He has been here for six years and he wants to do something else," he said. "Gillian Lyall is currently on gardening leave, and is moving on to do other things."

Hodgson stressed that the changes at Pillans & Waddies were unrelated to the group's refinancing package with the Halifax Bank of Scotland.

"It's coincidental," he said. "We have almost concluded the refinancing package although we haven't put a timescale on it."

Ormolu Group timeline

April 2005 Debt restructure and sets up Pillans & Waddies

August 2005 Pillans & Waddies wins deal to print AA's customer magazine

January 2006 Ormolu Group in talks with HBOS over a financial restructuring