Monday, November 23, 2015

News: Fishing Republic to open two new stores

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Rotherham-based retailer, Fishing Republic is putting in place the expansion plans it set out when it launched onto the stock market earlier this year.

The placing of ten million new shares at 15p per share in June has raised £1.5m for the Eastwood company that is already one of the largest retailers of fishing tackle in the UK by floorspace.

Floating on AIM, the directors believe that Fishing Republic is the only participant in the market looking to act as a consolidator, giving the group the benefit of "first-mover advantage."

At the close of the main fishing season, the firm reported its financial results for the four months ending October 31 2015, which had sales up by 43% on the same period last year.

The group currently operates a chain of seven "destination" retail outlets in the North of England and the company is set to grow through acquisitions and the opening of further large format "destination" stores.

Leases have been signed on a retail unit in South Birmingham and for a new larger store in Hull, which will replace its existing outlet in the city.

The company's move into South Birmingham is in line with the Group's stated strategy to broaden its geographic reach and increase its store network alongside its online sales.

The Birmingham site comprises approximately 5,300 sq ft in total and the store is scheduled to open in March 2016, when the fishing season resumes. The new site in Hull comprises approximately 9,000 sq ft in total, with the store scheduled for opening in January 2016.

Steve Gross, CEO of Fishing Republic, said: "We are very pleased to see that sales in the four months to the end of October, the close of the main fishing season, show a significant uplift on same period last year. It reflects the benefit of additional sales and marketing expenditure following our IPO.

"We are also delighted to be establishing Fishing Republic's presence in Birmingham. The city has one of the largest angling clubs in the UK and has traditionally been served predominately by smaller fishing tackle retailers. We are confident that our large store format, carrying a wide range of product for all fishing disciplines, will attract anglers from a wide area across the Midlands. We are also pleased to be upgrading our store in Hull to larger premises in line with our other stores.

"The Board continues to look at potential acquisitions as well as other new store locations whilst at the same time improving our online offer to a growing customer base."

Fishing Republic website

Images: Fishing Republic

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