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latest news
Stakes set higher by Fishers Services 
L-R Roddy Mackay, Michael Jones, Bruce McHardy, Tennant Hilditch and Donald Campbell
Since the original management buyout from the Fishers family in 2004 turnover has continued to grow from £21.2m to £25.6m, bucking the trend in a sector that has seen significant consolidation. The number of jobs has also expanded with the company now employing a core staff of more than 600 at its four Scottish plants in Perth, Aberfeldy and two in Cupar, where the company is also headquartered. The workforce increases to 700 during the summer holiday season in order to meet demand for linen services in one of its core markets, the hotel and hospitality sector. Under new financial arrangements, the Bank of Scotland becomes the sole provider of external finance to the group taking a 19.99% share in the business enabling the management team to obtain a majority equity stake. The overall sale for the company stands at £40m, and means that in selling its stake, CBPE has completed its investment term having invested £9m during the original MBO. An expanded board sees previous deputy managing director, Bruce McHardy become group managing director following the announcement by Victor Ward that he is to retire. Joining commercial director, Tennant Hilditch and Finance Director Roddy Mackay on the board are Michael Jones and Donald Campbell as divisional directors for Cupar and Perth respectively. Tony Lochery will be continuing as Chairman. The team has a combined experience of more than 50 years working with the company. Commenting on the deal, Bruce McHardy said: “Several financing options were considered by the company along with our advisors Deloitte, and it was clear that greater share ownership by the board offered the best solution for the next phase of our development.” He added: “These new financial arrangements will help consolidate our market lead in Scotland and secures jobs by ensuring we can maintain our investment programme.” The company reinvested over £3m in the business during the last three years to ensure its plants remain at the forefront in terms of the latest technology and it opened its first distribution centre in Newcastle earlier this year. On behalf of the board, Mr McHardy also paid tribute to retiring managing director Victor Ward emphasising his major contribution to Fishers in a 21 year career with the company. He emphasised: “Victor had always planned to retire following completion of the first phase of the MBO and the board thanks him for the significant contribution he has made to its success. “Fishers continues to be a real home grown success story and we are committed to maintain both our independence and our Scottish headquarters.” Mr McHardy concluded: “The new financial arrangements reflect the senior management team’s confidence in the strength of the business and ensure the continuity which has served Fishers so well. This means we will be able to maintain a company ethos built on exceptional customer service and value which has been at the heart of our success.” (Ends) Contact: < back links
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