• Text size      
  • Send this article to a friend
  • Print this article

Fishers Services announces next managing director as profits rise

HOTEL laundry specialist Fishers Services has appointed a new managing director and announced a 7.5 per cent rise in turnover.

The company, which has its headquarters in Cupar, Fife, confirmed Bruce McHardy is leaving after 20 years with the business and being replaced by his deputy Michael Jones.

Mr McHardy said: "I'm not quite ready to hang up my suit yet and will remain associated with Fishers for a period of time, but importantly have the opportunity now to travel, pursue my hobbies and, in time, other business interests."

Mr Jones said: "[Bruce] is handing over the company in great shape and I am proud to be given the opportunity to develop the business further. Fishers is essentially a great team of people and I am confident that, together, we can take the business to the next stage in its development."

Michael Averill, formerly of Shanks Group, was appointed chairman of the company in November last year.

Alongside the latest management change Fishers announced its turnover from 2013 come in at £35.8 million, up from £33.3 million.

Operating profits nudged 2.3 per cent upwards from £5.15 million to £5.27 million while underlying pre-tax profits were relatively flat at £5.1 million.

The accounts show Fishers saw its distribution costs rise from £5.9 million to £6.3 million in the year with administrative expenses also increasing from £3.7 million to £4.15 million.

It operates across Scotland and the north of England seven days a week delivering linen and workwear to customers in sectors such as hospitality, manufacturing and healthcare.

Customers include Malmaison, Hotel Du Vin, the Caledonian Waldorf Astoria in Edinburgh and the Edinburgh International Conference Centre.

Interest and financing charges rose from £72,396 to £177,670, according to the accounts. The company is hoping events such as the Commonwealth Games and Ryder Cup this year may give it a boost in the current financial year.

Mr McHardy said: "We consolidated our position in Scotland during 2013 and made further advances in the North of England linen rental and laundry market, while further growing our workwear and cleanroom businesses.

"The start of 2014 has seen strong competition but this promises to be a big year for the hospitality sector in Scotland and, as I hand over leadership of the business to Michael, I am confident that Fishers will play a major part in its success for the Scottish hotels, bars and restaurant industry."

Average staff numbers increased from 743 to 778 mainly as a result of a more operational workers being employed.

Total directors' remuneration fell from £545,864 to £437,920 with the highest paid seeing their package steady at around £254,000.

Fishers Services has been owned by Fishers Topco since June last year.

Shares in the parent company are owned by management and London based private equity firm Cavendish Square Partners.

Cavendish, which invested through a fund managed by Caird Capital, injected an additional £5 million to support plans to increase its presence in England.

The acquisition was backed by Lloyds Banking Group which also provided a new five-year banking facility.

The deal was said to have reduced Fishers' bank debt, which had been put at around £28 million.

Along with its operations in Cupar, Fishers Services has facilities in Aberfeldy, Perth, Inverness and Livingston.

In addition it has a low-energy laundry facility in Newcastle-upon-Tyne.

Earlier this year the company announced it would be spending £4.4 million on updating 57 of its delivery vehicles.

Contextual targeting label: 
Business

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis.
If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

241725