Fishers, the Scottish textile services company, is set to expand after refinancing the business and securing further investment.
The company, based in Cupar, Fife, said it had completed a deal with Lloyds Bank Commercial Banking for £25million of new bank debt facilities. In addition, existing investor, Caird Capital, has invested a further £5million into the business to support future growth plans.
Following the refinancing deal, a new parent company, Fishers Topco Limited, replaces Fishers Group Ltd.
Fishers provides linen rental, workwear hire and cleanroom garments to the hospitality, leisure, manufacturing and pharmaceuticals sectors. It cleans, irons and delivers more than two million pieces of linen every week and its hospitality customers include Gleneagles Hotel, Premier Inn, Macdonald Hotels, Marriot and De Vere Cameron House Hotel.
The company has grown steadily in recent years, consolidating its market-leading position in Scotland and expanding into the north of England. It opened a state-of-the-art laundry in Newcastle and has boosted its cleanroom garment service with the acquisition of Origin Cleanroom in 2012.
With the ongoing support of Caird Capital and Lloyds Bank, Fishers now plans to continue to grow organically in the north of England, whilst exploring potential bolt-on acquisition opportunities to gain greater coverage in its core markets.
