Monday, August 14, 2017

News: Fishing Republic open another new store

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Rotherham-based retailer, Fishing Republic, has opened its sixth "destination" store since the start of 2017, with more to come.

One of the largest fishing tackle retailers in the UK, the Eastwood company floated on the AIM stock exchange in 2015, raising millions to help carry out its expansion plans. A new share placing during 2016 landed a further £3.75m.

Located in Gloucester, the new store, which opened last week expands Fishing Republic's presence in the West of England. The 6,000 sq ft store follows the company's expansion into East Anglia and Essex, with new store openings in Kings Lynn and Clavering Lakes in recent months. An additional store opening, in Huntingdon, Cambridgeshire, is planned for the end of August and will increase the store network to 19.

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Fishing Republic is acting as a consolidator and expansion plans involve snapping up smaller, often family-owned fishing retail businesses. New store openings replicate the "destination" store format, catering for all types of fishing disciplines with an extensive product range, and are located in light-industrial estates with convenient access and good car parking facilities. The new stores will also help drive online sales, as Fishing Republic continues to execute its multi-channel growth model.

The Cambridgeshire store is opening in a former aircraft hangar in Warboys.

Steve Gross, CEO of Fishing Republic, said: "Fishing Republic has significantly expanded its store network over the last few months and I am delighted to announce our latest store opening, in line with our expansion plans for the year. Located in Gloucester, it increases our presence in the West of England. By the end of August, a further store opening in Huntingdon in Cambridgeshire will complement our existing presence in that region and take our expanding network to 19 stores."

Fishing Republic's online sales strategy involves transitioning away from third party platforms to its own website sales, where margins are higher.

When the firm reported on the year ending December 31 2016, it called it "a year of strong progress" where revenue was up by 41% to £5.79m from the £4.12m in 2015. With investment in growth, profit before tax rose to £403,000 from £6,000 in 2015 (which included around £300,000 in costs relating to the IPO). Gross profits were helped by improved purchasing power.

Fishing Republic website

Images: Fishing Republic


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