16th Oct 2019 09:11
(Alliance News) - Fishing equipment retailer Angling Direct PLC said Wednesday it acquired Erics Angling Centre Ltd for up to GBP1.1 million in cash.
Erics operates two stores in the UK as well as having an online business which generated 30% of its total GBP5.2 million revenue in 2018.
For its own financial year ended January, Angling Direct reported a GBP266,000 pretax loss on revenue of GBP42.0 million.
The Erics Angling stores are located at carp fishery Farlows Lake in Buckinghamshire and in Leeds. Angling Direct will rebrand the Farlows Lake store, but move the Leeds store to its current Angling Direct-branded location less than four miles away.
"Erics Angling is a premium business, providing thousands of regular customers with a high standard of service," Angling Direct Chief Executive Officer Darren Bailey said.
"Angling has for some time been in the top three participation sports in the UK," Bailey added. "Our strategy is to consolidate this highly fragmented market, delivering economies of scale and broadening our access to new customers through an increased retail footprint. We aim to deliver strong returns to shareholders by engaging actively with our customers and providing the best value, products and service in the market. The Board is delighted to have acquired this business, which we believe will have a positive impact on our future trading performance over both the short and medium term."
Shares in Angling Direct were 0.8% higher at 59.97 pence in London on Wednesday.
By Ahren Lester; [email protected]
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