Tuesday, February 28, 2017

News: Fishing Republic investor joins board


Rotherham-based retailer, Fishing Republic has announced the appointment of Iain McDonald as a non-executive director with effect from March 1 2017.

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.

Iain has over 20 years' experience in investment, in particular in the retail and e-commerce sectors. Over the last ten years, he has been investing directly into the online and technology sectors and a number of Iain's long-term investments have been into the most successful e-commerce businesses in Europe. These include The Hut Group Limited, ASOS plc, Boohoo.com plc, MetaPack Limited and Anatwine Limited.


Iain previously worked in investment banking at Numis Securities and ING Barings-Charterhouse, where he specialised in retail and e-commerce companies.

Iain holds 0.8% of the company's shares having invested alongside Bill Currie and Sir Terry Leahy in the placing announced in 2016. Leahy is the current chairman of fast-growing discount retailer, B&M and is the former chief executive of Tesco.

Revenues at the firm have increased by approximately 40% year-on-year, driven by the addition of new stores, organic growth across existing stores, and strong growth in own website sales.

The company's online sales strategy involves transitioning away from third party platforms to its own website sales, where margins are higher. In a trading update Fishing Republic said that own website sales increased by 132% year-on-year and accounted for around 40% of total online sales for the year. A new website is set to launch in March.

Floating on AIM, the directors believe that Fishing Republic is the only participant in the market looking to act as a consolidator. Expansion plans involve snapping up smaller, often family-owned fishing retail businesses.

Fishing Republic website

Images: Fishing Republic


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