Monday, June 1, 2015

News: Fishing Republic hauls in £1.5m

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Retailer, Fishing Republic, the latest Rotherham firm to join the stock exchange, is set to land £1.5m from investors when it floats later this week.

The Eastwood-based firm is one of the largest retailers of fishing tackle in the UK. It operates seven stores in the North of England including its Rotherham store on Chesterton Road, which incorporates the company's head office and over 30,000 sq ft of warehouse capacity. The online operation gives access to 16,500 different angling products.

Announcing its intention to float, the growing firm said that it would be looking to act as a consolidator in the sector by acquiring other fishing tackle retailers and also open new stores. In line with this strategy, Fishing Republic is considering various acquisition opportunities and is planning on opening a new store in Birmingham.

Steve Gross, chief executive officer of Fishing Republic, said: "Fishing has been my hobby since the age of five, when I used to go fishing with my father at Ladybower reservoir in Derwent valley in Derbyshire. I started fly-tying when I was about seven and then set up a fly-tying business aged 13. Since then I haven’t looked back and fishing and the business of selling fishing tackle have remained my passions.

"No one to my knowledge has tried to consolidate the fishing tackle market before and my aim now is to do just that. I see an exciting opportunity to build Fishing Republic into a significant market presence. 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.

"The company's admission to AIM is the first step into a new phase of development for the business. Fishing is an activity for all generations and I'd like to see Fishing Republic play its part in getting more people into this wonderful and growing sport."

Northland Capital Partners Limited are the nominated advisors with Holland Bendelow Limited as consultants, with shares in Fishing Republic set to begin trading on June 4 on AIM, the London Stock Exchange's international market for smaller growing companies.

The latest update to the stock exchange shows that 23,750,000 shares are set to be issued, each valued at 15p. With 72.5% of the total shares in the company not in public hands and held by Gross and his family, the share price values the company at £3.6m.

The update also shows that the Miton Group, an AIM quoted fund management group that looks after £2.1 billion of assets in unit trusts and investment trusts, is taking just over 14% of the shares in Fishing Republic on admission.

Fishing Republic website

Images: Fishing Republic

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