A European company with a turnover of around £1.5 billion has announced its acquisition of a Blackburn toilet paper firm in a multi-million-pound deal.

Portuguese paper firm The Navigator Company says it has completed the acquisition of the entire share capital of the Accrol Group, based in Roman Road, Blackburn.

The increased and final offer for Accrol, announced by Navigator on May 3, is said to be approximately £130.8 million.

The offer was approved at Accrol’s general meeting on May 15, with 99.12 per cent of people voting in approval. The acquisition is set to begin on May 24.

Accrol is one of the biggest suppliers of toilet tissues, kitchen rolls, facial tissues, and wet wipes and supplies to many of the UK's leading discounters and grocery retailers.

Accrol was founded in 1993 by Jawid Hussain and family, of Accrington, and relocated to Blackburn in 1996 and to its present location in 2004.

It remained in private family control until 2014 and later floated on the stock exchange.

A spokesperson for The Navigator Company, which is based near Lisbon and is one of Europe's largest paper product producers, said: “This deal is part of the group's ambitious growth and diversification plan and reinforces its strategic position in the Western European tissue market, through the acquisition of a leading player in the UK tissue market, with competitive advantages, complementary values and strong alignment with Navigator.”

The Accrol Group has been approached for comment.