27th Jun 2016 06:59
LONDON (Alliance News) - Fishing tackle retailer Fishing Republic PLC on Monday said it has raised GBP3.75 million to support its expansion plans, backed by its chairman and the former boss of grocer Tesco PLC.
Fishing Republic said it has raised GBP3.75 million via the placing of 10.7 million shares at 35.00 pence per share.
The net proceeds will be used for expansion, including investment in the retailer's online platform and digital strategy, along with potential acquisitions.
Among the new shareholders taking part in the placing are Fragrance Shop founder Bill Currie, Iain MacDonald and Terry Leahy, the former boss of Tesco. The three will have a combined 15.9% holding in Fishing Republic after subscribing for 6.0 million shares.
James Newman, Fishing Republic's chairman, also took part in the issue, subscribing for 28,571 shares, raising his stake in the business to 0.4%.
By Sam Unsted; [email protected]; @SamUAtAlliance
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