Fishers Laundry Group acquired by K-Bro Linen of Canada

Fishers employs 800 staff at seven sites in Scotland and the north east of England

Scottish laundry group Fishers is being bought by a Canadian company in a deal worth at least £35m.

K-Bro Linen Inc has agreed to acquire 100% of Fishers' parent company, Fishers Topco Ltd, from major shareholder Caird Capital and a number of minority stakeholders.

Fife-based Fishers employs 800 staff at seven sites in Scotland and the north east of England.

It provides a range of commercial laundry and textile rental services.

Its biggest market is hospitality, but it also serves the healthcare, manufacturing and pharmaceutical sectors.

K-Bro, which is the largest provider of laundry and linen services in Canada, said no job cuts were planned as a result of the acquisition.

Fishers' Scottish sites are in Cupar, Perth, Livingston, Inverness and Coatbridge. It also operates in Newcastle.

The company will operate as a standalone subsidiary of K-Bro and will retain its headquarters in Cupar.

The Fishers management team will remain with the business following the acquisition, which is expected to complete on Monday.

Headquartered in Edmonton, Alberta, K-Bro is listed on the Toronto Stock Exchange and employs more than 1,600 people in nine processing facilities and two distribution centres across Canada.

Three-quarters of its business comes from long-term healthcare contracts.

K-Bro president and chief executive Linda McCurdy said: "The UK linen hospitality market is mature, but still highly fragmented.

"We expect to leverage Fishers' leading market position, experienced local management team, entrenched customer relationships and proven track record of stable and profitable operations to take advantage of the significant organic growth and consolidation opportunities available to us, similar to what we have achieved in Canada."