Friday, December 21, 2018

News: Christmas sale at Fishing Republic

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Rotherham-based Fishing Republic, one of the largest retailers of fishing tackle in the UK, has been bought out of administration, saving 111 jobs.

The Eastwood company that floated on the AIM stock exchange in 2015 raised millions to help carry out its expansion plans. However, turnaround plans were required during 2017 to tackle "a significant deterioration in trading."

After certain major shareholders said that they were no longer willing to provide further short-term financial assistance, shares were suspended and the group's future options were being assessed.

Leonard Curtis Business Rescue & Recovery has confirmed that Andrew Poxon and Julien Irving – who were appointed as Joint Administrators this week - have completed the sale of the company to an unconnected third party.

No further details have been announced but the recovery firmed added that deal has preserved the jobs of all 111 employees across the retailer's 14-strong UK store network.

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Growth plans had been based on snapping up smaller competitors, opening destination stores and boosting online sales.

Reporting its interim results for the six months ended June 30 2018, the company said that it was in a year of transition and that financial results "reflect the challenging period, including the very difficult trading backdrop."

Revenues of £3.4m for the period, down from £4.1m in the same period of 2017, meant that Fishing Republic posted a loss before exceptional items, interest and taxation, depreciation and amortisation of £1.4m, compared to breaking even in the same period last year.

Shares in the firm were suspended in October and it looks likely that they will not return to the stock exchange.

Fishing Republic was established in Rotherham by Steve Gross, an accomplished angler who represented England in competition, when he was 13 years old, selling fishing flies and fly tying materials to fishing tackle wholesalers.

In 1988 the business moved into rented premises in Mexborough and opened its first retail outlet and mail order operation in 1999. New stores and continued expansion saw the business move to a large warehouse in Rotherham in 2005.

Fishing Republic website

Images: Fishing Republic

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