Angling Direct PLC Acquisition of Fosters Fishing Limited (3338S)
02 October 2017 - 5:00PM
UK Regulatory
TIDMANG
RNS Number : 3338S
Angling Direct PLC
02 October 2017
2(nd) October 2017
Angling Direct plc
("Angling Direct" or the "Company")
Acquisition of Fosters Fishing Limited
Angling Direct Plc (AIM: ANG.L), the largest specialist fishing
tackle and equipment retailer in the UK, is pleased to announce
that it has acquired the entire issued share capital of Fosters
Fishing Limited ("Fosters") for a total consideration of GBP3.0
million payable in cash.
From a 17,000 sq ft superstore located on the outskirts of
Birmingham, Fosters, which trades as Fosters of Birmingham,
currently operates as one of the largest fishing tackle retailers
in Europe. Having been in business for over 30 years and holding
cGBP1.2 million of stock, Fosters caters for all types of fishing
disciplines. The store is located just 5 minutes from J6 of the M6
and just 3.5 miles from Birmingham city centre.
This latest acquisition increases Angling Direct's presence in
the Midlands, together with its Halesowen and Willenhall stores.
The acquisition takes the total number of Angling Direct stores to
17, with a new store in Slough due to open in early October as
previously announced.
In the year to 31(st) March 2017, Fosters generated revenues of
cGBP5.9 million and an operating profit before tax of cGBP460,000,
with net assets of cGBP1.1 million. Within net assets is the
freehold property of the Fosters store, which has been recently
valued at GBP0.5million.
Following completion of the acquisition, Mark Foster, will
remain with Fosters for a few weeks to ensure a smooth handover,
and Richard Foster, will continue to work in the business on a part
time basis.
Darren Bailey, CEO of Angling Direct, commented: "Fosters is a
long-established and very successful business with a loyal customer
base and knowledgeable team. The acquisition will be earnings
enhancing from day one and validates Angling Direct's long-term
strategy - to consolidate the fishing tackle market whilst
expanding our business through acquisition.
"We look forward to working closely and supporting the Fosters
team with the integration over the coming months."
For further information:
Angling Direct PLC +44 (0) 1603 258658
Martyn Page, Executive Chairman
Darren Bailey, Chief Executive
Officer
Cenkos Securities - NOMAD and
Broker +44 (0) 20 7397 8900
Bobbie Hilliam (Corporate Finance)
Russell Kerr (Sales)
Yellow Jersey PR - Financial PR
Charles Goodwin +44 (0) 7747 788 221
Harriet Jackson +44 (0) 7544 275 882
Notes for editors
About Angling Direct plc
Angling Direct is the largest specialist fishing tackle retailer
in the UK. The Company sells fishing tackle products and related
equipment through its network of 17 retail stores, located
throughout the UK, as well as through its own website
(www.anglingdirect.co.uk) and other third party websites.
The Company currently sells over 21,500 fishing tackle products,
including capital items, consumables, luggage and clothing. The
Company also owns and sells fishing tackle products under its own
brand 'Advanta', which was formally launched in March 2016.
From 1986 to 2003 the Company's Founders acquired interests in a
number of small independent fishing tackle shops in Norfolk and, in
2003, they acquired a significant premises in Norwich, which was
branded Angling Direct. Since 2003, the Company has continued to
acquire or open up new stores, taking the total number up to 17
retail stores. In 2015 the Company opened a 30,000 sq ft central
distribution centre in Rackheath, Norfolk, where the Company's head
office is also located.
Angling Direct's shares are traded on the AIM market of the
London Stock Exchange under the ticker symbol ANG.L.
For further information, please visit
www.anglingdirect.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQBIBDGDDGBGRB
(END) Dow Jones Newswires
October 02, 2017 02:00 ET (06:00 GMT)
Angling Direct (LSE:ANG)
Historical Stock Chart
From Apr 2024 to May 2024
Angling Direct (LSE:ANG)
Historical Stock Chart
From May 2023 to May 2024