The Anglia Regional Co-operative Society (ARCS), which has its flagship store in Westgate, has secured a £60 million investment from a leading bank.

The cash will be used to freshen up the retailer's products and brand in its stores across East Anglia, and comes in the wake of a shake-up of its senior management team last year.

The investment has been made by Lloyds TSB Corporate Markets and supported by Handlesbanken and the Alliance & Leicester.

Chief executive of ARCS John Chillcott said: "We're very pleased that Lloyds TSB was able to deliver this deal so smoothly.

"Having got the right management structure in place, it gives us the perfect springboard to begin redeveloping our presence in the marketplace by refreshing and reinvigorating our brand and products.

"The funding is the first step in achieving this aim, and will allow us to improve the service we provide to our customers right across East Anglia."

Business development director for Lloyds TSB Corporate Markets Neil Mackie said: "Anglia is a fascinating organisation to work with, and we were very pleased to play our part in the rejuvenation of a business which has been part of everyday life for thousands of people throughout East Anglia for almost 130 years.

"This is an exciting stage in the company's history, and we look forward to working with them in the future."

The Anglia Regional Co-operative Society (ARCS), which was created in 1876 in Peterborough, trades through high street names such as Westgate department stores, AHF Home Furnishings and Rainbow foodstores. It reported a rise in pre-tax profits last year to £2.8 million – up from £1.08 million the previous year.

ARCS, which has its head office in Park Road, Peterborough, is now the sixth largest society in the country, selling more than £300 million of goods a year and employing more than 3,700 staff.