Bakery group Canada Bread Co. has snapped up UK-based "craft" bakery La Fornaia in a deal worth GBP18.8m (C$37.3m).

Canada Bread, which is majority owned by Canadian food group Maple Leaf Foods, said the acquisition "solidified" its position as a "speciality bakery" in the UK.

"La Fornaia has a long-standing excellent reputation for producing hand-crafted bread products, using traditional methods and the finest ingredients, supported by a highly skilled workforce and strong innovation capabilities," said Richard Lan, President and CEO of Canada Bread.

Canada Bread's current product portfolio includes Dempster's and Olivieri in Canada and the New York Bagel brand in the UK.

La Fornaia generates annual sales of GBP23m and employs around 300 people at its bakery plant in London.