Fishing Republic nets £1.5m
One of Britain’s biggest fishing tackle retailers today said it had raised £1.5 million as it prepares to float on London’s Alternative Investment Market.
Shares in Fishing Republic are due to start trading on Thursday, valuing the company at about £3.6m. The float proceeds will be used to pursue acquisitions and develop its online presence.
Chief executive Steve Gross said: “No-one to my knowledge has tried to consolidate the fishing tackle market before and my aim is to do just that. We have the benefit of first-mover advantage, a wide knowledge of both the retail and wholesale fishing tackle marketplace and staff who are passionate about fishing.”
According to industry figures, there are about 2,500 specialist fishing tackle retailers in the UK and the retail value of the angling trade in 2011 was £541m.
Fishing Republic generates almost half its sales online via its own and third-party websites.