25th Feb 2019 14:40
LONDON (Alliance News) - Angling Direct PLC said Monday that it has acquired fishing tackle retailer Chapmans Angling for GBP1.40 million cash.
The acquisition includes two stores and around GBP1.1 million of stock, Angling Direct said. The deal extends the company's reach into the north east of England and taking the total number of group stores to 26.
The UK-listed fishing tackle and equipment retailer said Chapmans Angling caters for all types of fishing and has two stores - Scunthorpe and Hull - both of which benefit from a strong angling community and a regular customer base.
In the year to April 30, 2018, Chapmans Angling generated revenue of over GBP3 million and pretax profit of GBP43,000.
Angling Direct Chief Executive Darren Bailey said: "The group will continue to provide the very best level of service across both stores, with Chapmans' online distribution moving south to Angling Direct's main distribution centre in Norfolk."
Shares in Angling Direct were up 1.0% higher at 68.66 pence each on Monday afternoon.
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