News: Go Outdoors nets Fishing Republic

Rotherham-based Fishing Republic has been bought out of administration by Go Outdoors.

A deal for the Eastwood company, one of the largest retailers of fishing tackle in the UK, was confirmed at the end of 2018, saving 111 jobs.

At the time, Leonard Curtis Business Rescue & Recovery confirmed that Andrew Poxon and Julien Irving - who were appointed as Joint Administrators - completed the sale of the company to an unconnected third party.

Now Go Outdoors has been confirmed as the mystery buyer.

Based in Sheffield, Go Outdoors is a nationwide omni-channel retailer catering for the outdoor enthusiasts and was founded by Paul Caplan and John Graham in 1998. It was acquired by JD Sports Fashion plc in 2016.

Lee Bagnall, CEO of the Outdoor Division at JD Sports, said: "We're delighted to have secured the business and are very excited about the acquisition.

"Our GO Outdoors fishing business is already significant and this gives Fishing Republic and some of our branded partners a huge opportunity for the future."

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Fishing Republic floated on the AIM stock exchange in 2015 and raised millions to help carry out its expansion plans. However, turnaround plans were required during 2017 to tackle "a significant deterioration in trading." Growth plans had been based on snapping up smaller competitors, opening destination stores and boosting online sales.

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. At the time of the deal Fishing Republic operated 14 UK stores.

It had previously been announced that Daniel Quinn, who has experience in senior commercial roles at Tesco and GO Outdoors, would be joining the Fishing Republic board as CEO in October 2018. However, the company was forced to admit that Quinn had agreed to assist in assessing options for the business but would not be taking up his role as CEO or join the board.

The business has continued to trade throughout and it is thought that Go Outdoors guaranteeing to keep staff on was a decisive factor in it being selected as the buyer.

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News: Christmas sale at Fishing Republic

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.

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News: Bosses fail to keep Fishing Republic afloat

Bosses at Rotherham-based Fishing Republic, one of the largest retailers of fishing tackle in the UK, are calling in the administrators having failed to secure external funding.

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 in conjunction with the company's professional advisers.

An update to the stock exchange said: "Further to the recent updates on its financial position, it has not been possible to raise sufficient equity or other funding for its immediate and future working capital requirements.

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"As a consequence, the directors of Fishing Republic Trading Limited, the Company's 100% owned subsidiary, having taken advice from Leonard Curtis Recovery Limited, have today [December 6] filed an application to appoint administrators to this company. The filing of the administration application triggers a moratorium preventing most creditor or other third-party action against this company or its assets. The application is likely to be heard in Court next week at which point it is expected that Leonard Curtis will be appointed as administrators.

"Steps to appoint administrators to the Company's other 100% owned subsidiary, Fishing Republic Retail Limited, are likely to occur in due course. The directors and Leonard Curtis continue to explore options for Fishing Republic plc and no decision has yet been reached on whether it will be placed into administration."

The update adds that Leonard Curtis has already received indicative offers from parties interested in acquiring some or all of the group's assets.

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

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News: Fishing Republic still angling for equity funding

Rotherham-based Fishing Republic, one of the largest retailers of fishing tackle in the UK, has providing another trading update following on from having seen trading in its shares suspended.

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 in conjunction with the company's professional advisers.

The update said that equity fundraising activity is ongoing "and the company's advisers are also in discussions with certain existing shareholders to assess their support for providing short-term finance for the group. Alongside this, the company's professional advisers have been looking at various options to sell all or parts of the trading business as a going concern."

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The business continues to trade but shares in Fishing Republic remain suspended from trading on AIM. Its current nominated adviser ("Nomad"), Northland Capital Partners Limited is set to undergo a merger with SP Angel Corporate Finance LLP and so Northland has voluntarily agreed to relinquish its Nomad status at Fishing Republic.

Reporting its interim results for the six months ended June 30 2018, the company said that it is 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.

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

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News: Fishing Republic treading water

Rotherham-based Fishing Republic, one of the largest retailers of fishing tackle in the UK, has providing a trading update following on from having seen trading in its shares suspended.

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."

A difficult trading environment continues and certain major shareholders said that they were no longer willing to provide further short-term financial assistance.

An update to the stock exchange said: "The directors have been working with the company's professional advisers to asses a number of options for the future of the group. There does, however, remain a material uncertainty regarding the group's financial position, and the group continues to trade only with the short-term support of key creditors.

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"The company is currently seeking to raise equity finance to fund its immediate and future working capital requirements. If the company fails to raise sufficient equity finance and no other funding becomes available, then there will be a significant doubt as to the group's ability to continue to trade as a going concern.

"A further announcement will be made in due course and by the end of November."

The company's shares remain suspended from trading on AIM.

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Reporting its interim results for the six months ended June 30 2018, the company said that it is 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.

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

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News: Shares suspended in Fishing Republic

Rotherham-based Fishing Republic, one of the largest retailers of fishing tackle in the UK, has seen trading in its shares suspended three years after floating on the London stock exchange.

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."

Reporting its interim results for the six months ended June 30 2018, the company said that it is 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.

A statement said: "This difficult trading environment has continued and the Board has been informed that certain major shareholders are no longer willing to provide further short-term financial assistance to the Group.

"Trading in the Company's securities on AIM was therefore suspended at the Company's request pending clarification of its financial position."

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

It had been announced that Daniel Quinn, who has experience in senior commercial roles at Tesco and GO Outdoors, would be joining the board as CEO in October. However, the company was forced to admit that Quinn has agreed to assist in assessing options for the business but will not be taking up his role as CEO or joining the Board at this time.

James Newman continues in his role as executive chairman until further notice.

Ten million new shares at 15p per share raised £1.5m in 2015. A new share placing during 2016 landed a further £3.75m and £1.3m was raised through a new share placing at the start of 2018. This was followed up with a secured loan of £500,000 from existing shareholders in June.

At 31 December 2017, major shareholders were S J Gross (24.1%), Tinley Nominees Limited 15.9% and Miton Group plc 12.2%.

In November 2017, Steve Gross, the company founder, stepped down as CEO but remained on the board as an executive director.

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News: New CEO for Fishing Republic as it sinks to loss

Rotherham-based Fishing Republic, one of the largest fishing tackle retailers in the UK, is continuing its year of transition with the hire of a new CEO.

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

Reporting its interim results for the six months ended June 30 2018, the company said that it is 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.

Growth plans had been based on snapping up smaller competitors, opening destination stores and boosting online sales however, following a review, bosses closed the store in Clavering, Essex in early January 2018, and in April and May, closed four further stores, in Ipswich, Mildenhall, Swindon and Huntingdon.

Closing underperforming stores resulting in £500,000 of exceptional costs. Margins were hit by clearing old product lines and surplus stock, but there was also "downward pressure as a result of the competitive environment."

Overall store sales reduced by £0.5m to £2.7m (H1 2017: £3.2m), with like-for-like store sales decreasing by 22%, having gone up by 21% in the same period in 2017.

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Online sales over the six months decreased by £0.2m to £0.7m. A new upgraded website launched in mid-May and a new head of E-commerce is in post.

The period also saw the firm take new office space at 9 and 14 Ashley Business Court in Rotherham to act as its new administrative headquarters.

In addition to the results, it was announced that Daniel Quinn will be joining the board as CEO in October. Quinn has over 26 years' experience in the retail sector, including in senior commercial roles at Tesco, and GO Outdoors, one of the UK's largest retailers of outdoor clothing and equipment, where he was commercial director.

James Newman, chairman of Fishing Republic, said: "Fishing Republic is in a year of transition. Following a comprehensive review of the Group's operations, we have taken firm action in the first six months of the financial year to stabilise the business and to implement changes to improve its performance.

"The restructuring of the business was undertaken against very difficult trading conditions - so it has been a particularly challenging period. While the sales environment continues to be tough, with strong competitive pressures, our major shareholders have supported our plans, and we remain confident of the prospects for the business as we navigate through the current challenges.

"We are pleased to welcome Dan Quinn as Chief Executive Officer. He shares the Board's vision that there is a significant opportunity for the Group to build its presence as a multi-channel retailer of fishing tackle and equipment."

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News: Fishing Republic reports on "disappointing year"

Rotherham-based Fishing Republic, one of the largest fishing tackle retailers in the UK, said that 2018 would be a year of transition following disappointing trading results.

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

In its results for the year to December 31 2017, Fishing Republic plc posted a loss before tax of £2.3m compared to a profit of £420,000 in the previous year.

Turnover increased to £9.153m from £5.799m, a rise of 57.8% year-on-year. The growth reflected the store opening programme, with seven stores opened during the year, taking the number of outlets to 19 at the year end.

The growth plans have been based on snapping up smaller competitors, opening destination stores and boosting online sales.

Stores sales increased to £6.743m whilst online sales increased to £2.410m from £1.656m in 2016. The company's bottom line has been hit by a decrease in gross margin to 32.6% from 47.6% alongside exceptional costs of £1.276m and additional resource taken on to support our growth initiatives.

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James Newman, executive chairman of Fishing Republic, said: "We are taking firm action to address the Group's disappointing performance and have made significant changes to the Group's management and organisational structure.

"Our comprehensive review, started at the end of 2017, has already resulted in positive steps forward, and we are working on further initiatives to improve the Group's position and create firmer foundations to take advantage of the market opportunity that exists. The fundraising of £1.3m in a share placing in January 2018 will support our actions.

"2018 is going to be a year of transition with competitive market conditions, changes to our business model and a new and strengthened management team."

Stephen Kyriacou joined as CEO in March and other changes at senior management level have taken place.

Newman added: "While the current financial year has continued to feel the impact of very competitive market conditions, our focus remains on improving working capital efficiency and developing our online platform in terms of technology and service levels, with the benefits to come through in 2019 and beyond."

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News: Fishing Republic lands new director

Rotherham-based Fishing Republic, one of the largest fishing tackle retailers in the UK, has appointed a new chief operating officer as it tackles "a significant deterioration in trading."

Stephen Kyriacou has joined the board of directors of the Eastwood company that floated on the AIM stock exchange in 2015, raising millions to help carry out its expansion plans.

Kyriacou has over 20 years' experience in delivering change management programmes, including for the divisions of major organisations such as Primark, Barclays Bank, Morrisons and BT. He joined the company in December 2017 from Primark Stores, where he was programme director for Oracle Retail and Financials.

Since December, he has been co-ordinating the various operational changes put in place following the company's organisational review, and has been leading the new management team, which is implementing the operational improvement plan.

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Following a period in 2017 which saw "a significant deterioration in trading," Chris Griffin was brought in to as act as a CEO on a temporary basis to conduct a strategic review. Steve Gross, the company founder, stepped down as CEO and remains on the board as an executive director.

Last month Fishing Republic raised £1.3m through a new share placing and said that the net proceeds will be used to further advance and develop the company's e-commerce operations, logistics and merchandising activities following a review of operations. It will also be used to provide additional working capital to accelerate the rate of growth of online sales.

James Newman, executive chairman of Fishing Republic, said: "I am pleased to welcome Steve to the Board as chief operating officer. His extensive operational and commercial experience, particularly in eCommerce and change management, will help to drive the significant changes we are making across the business."

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News: Fishing Republic nets £1.3m from share placing

Rotherham-based Fishing Republic, one of the largest fishing tackle retailers in the UK, has raised £1.3m through a new share placing.

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.

Now the firm has announced that new and existing shareholders, including directors, have taken up a share placing in which 13,000,000 new ordinary shares of 1p each were taken at a price of 10p per placing share.

Fishing Republic said that the net proceeds of will be used to further advance and develop the company's e-commerce operations, logistics and merchandising activities following the recent review of operations. It will also be used to provide additional working capital to accelerate the rate of growth of online sales.

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Following a recent period which saw "a significant deterioration in trading," Chris Griffin was brought in to as act as a CEO on a temporary basis to conduct a strategic review. Steve Gross, the company founder, stepped down as CEO and remains on the board as an executive director.

Recruitment is underway for a permanent CEO and chairman, James Newman, has assumed the role of executive chairman temporarily to continue to oversee the operational changes.

The placing saw Newman and Iain McDonald, a previous investor and non-executive director subscribe for 50,000 and 600,000 Placing Shares respectively. Miton UK MicroCap Trust plc has also upped its stake in Fishing Republic to over ten per cent.

In addition, the company issued 1,000,000 Ordinary Shares at the Placing price as part of the payment for consultancy services provided in relation to the recent review of the business and operations.

James Newman, chairman of Fishing Republic, said: "I am delighted to announce our successful fundraising of £1.3m before expenses, which has been supported by both existing investors, including Miton, and Directors, and a number of new shareholders.

"The proceeds of this Placing will be used to implement our operational improvement plan under the new management team and provide us with the working capital needed to expand our online sales offering and distribution facilities."

Shares in Fishing Republic had been trading at around 40p for most of 2017. That price has now dropped to around 10p today.

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News: Rotherham retailers looking for new CEOs

Maplin and Fishing Republic, two national retailers that have their headquarters in Rotherham, are both searching for new chief executive officers (CEOs).

Manvers-based Maplin sells a range of products to tech-savvy hobbyists as well as general consumers and now operates from 217 stores.

The current CEO of Maplin, Oliver Meakin, is set to move to Argentine steak restaurant chain, Gaucho at the end of the month.

Taking the role in September 2015, Meakin moved from commercial director, where he held responsibility for eCommerce, buying, merchandising, supply chain and leading a business transformation programme, which helped contribute to encouraging annual sales growth. His previous experience includes Somerfield supermarkets and Miller & Carter steakhouses.

Maplin was sold for £85m to new owners, Rutland Partners in 2014. For the year ending 31 March 2017, turnover at the electronics chain increased to £235.8m from £234.6m in the previous year. Earnings before tax (EBITDA) was recorded at £8.9m, down from £12.7m and pre tax losses widened from £2.1m in 2015/16 to £3.9m for 2016/17.

During the period, the firm transferred operations and now has a "front office" of the commercial, marketing, ecommerce and digital function based together in London, with a "back office" of the HR, finance, IT, warehouse and distribution and contact centre functions based in Rotherham. As a result, Maplin recruited 60 new staff to its support centres.

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Recent initiatives include a new website, a focus on support and installation services and a link up with GAME over concession space. Maplin said it saw strong trading over 2017 Black Friday with sales up 5% year-on-year including its biggest ever trading day in digital.

Media reports hinted at financial woes with stories over credit insurers cutting their exposure to the company.

Eastwood-based Fishing Republic, one of the largest fishing tackle retailers in the UK, brought in an interim CEO in November to continue to grow its online sales having seen "a significant deterioration in trading."

An update to the stock exchange said: "Chris Griffin, who joined the Company as acting CEO (non-Board) to conduct a comprehensive appraisal of its operations, has completed his review and, as a result, a number of organisational and operational changes are already underway. This includes a significant strengthening of the senior management team, with new talent joining the business in some key roles. In particular, the review has focused on Fishing Republic's e-commerce operations and platform in order to accelerate the Company's development in this critical area.

"Trading in the final months of the financial year ended 31 December 2017 has been in line with management expectations after successful Black Friday and Christmas online sales campaigns. The Board therefore expects revenues for the year to be c. £9m although, as previously stated, the Company will record an overall loss for the period."

Recruitment is underway for a permanent CEO and chairman, James Newman, has assumed the role of executive chairman temporarily and will continue to oversee the operational changes.

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News: Fishing Republic tackles falling sales

Rotherham-based retailer, Fishing Republic, has brought in a new CEO to continue to grow its online sales having seen "a significant deterioration in trading."

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.

Fishing Republic is acting as a consolidator and expansion plans involve new larger format stores and snapping up smaller, often family-owned fishing retail businesses. It is also moving online sales away from third party websites to its own sites where margins are higher.

In a trading update, the firm said that the deterioration was due to a substantial increase in price competition as major competitors and independent stores have aggressively sought to maintain their market share, particularly at the end of the main fishing season.

Fishing Republic has seen a reduction in monthly like-for-like store sales for the first time this year, with a decline of 13% in October. This is in contrast to like-for-like sales growth of 16% experienced in the nine months up to the end of September.

The online business was similarly affected and, whilst sales via its own website are up 116% and overall online sales are up 24% in the year-to-date, the board said that the "transition from third party sites to our own website is behind our expectations."

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The business remains cash positive but the board is worried that the trading conditions will lead to an overall loss for the year.

Seven stores have opened this calendar year, with the network growing to 19, but the board said that the execution of the online model "requires further focus and acceleration."

Consequently, the board has agreed to appoint Chris Griffin (pictured) as acting CEO to conduct a strategic review. The update said: "Chris has a very strong e-commerce, retail and logistics background and was director of E-commerce at SuperGroup plc, owner of the Superdry brand, from 2010 and 2014, during which time online sales grew from £3m to £60m. More recently, he founded and built the revolutionary supply chain software business, Anatwine Limited.

"Chris will be particularly focussed on improving execution of the e-commerce business and the capital efficiency of the business, especially in further reducing and making better use of inventory."

Steve Gross, the company founder, will step down as CEO but will remain on the board as an executive director. Zoe Gross, operations director and Paul Hagerty, IT director, will step down from the board with immediate effect.

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News: Sales up as Fishing Republic continues with expansion plans

Rotherham-based retailer, Fishing Republic, expects to move back into profit this year as the high level of investment in expansion begins to pay off in the second half of the year.

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.

Fishing Republic is acting as a consolidator and expansion plans involve new larger format stores and snapping up smaller, often family-owned fishing retail businesses.

Seven stores have opened this calendar year, with the network growing to 19. 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. New locations for stores are being reviewed, as are potential acquisitions.

Reporting its interim financial results for the six months ended June 30 2017, the Eastwood firm said that revenues were up 64% to £4.09m from the £2.5m in 2016, with like-for-like sales up by 22%. The investment in expansion meant that overall a loss before tax was posted of £0.12m. The same period last year saw a profit before tax of £0.16m.

Fishing Republic continues to execute its multi-channel growth model, focusing on transitioning the majority of online sales to its own websites, where margins are higher and direct relationships can be created with customers. Website sales accelerated in the first half of 2017, with sales up by 140% year-on-year. Total online sales, including revenues through third party platforms, rose by 23% to £929,400.

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James Newman, chairman of Fishing Republic, said: "Fishing Republic continues to deliver on its ambitions to materially expand its presence, both physically and online, in the fishing tackle marketplace. This is evident in the strong revenue growth achieved in the first half of the year, as store sales rose by 83% and sales via the company's own website grew by 140% in the period.

"The opportunity for Fishing Republic to establish a dominant position in its highly fragmented sector is exciting and the group remains very well-positioned for ongoing growth, both in store and online."

Steve Gross, CEO at Fishing Republic, added: "I am delighted with the progress we have made so far this year. We have continued with the expansion of our "destination" store network, opening five new stores in the period with a further two opened in August. Our estate now stands at 19 stores and covers new geographic regions, including South East Midlands and East Anglia, which will also help to support our online strategy.

"Online sales are also a key focus and we continue to transition away from third party platforms to our own websites, particularly www.fishingrepublic.net. Sales via our own sites grew by 140% and we are supporting them with significant new investment in our site functionality and services. The average customer basket value on our own site was £70.59, compared to £14.54 average basket generated by third party marketplaces.

"We remain excited about the opportunity for consolidation, given the fragmented nature of the sector, and continue to consider complementary acquisitions, as well as organic growth opportunities.

"We look forward to a second half of continuing strong progress."

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News: Fishing Republic open another new store

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.

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News: Encouraging year at Fishing Republic

Rotherham-based retailer, Fishing Republic, has posted an increase in revenue to £5.79m as it continues to progress its expansion plans to build a significant position in the fishing tackle marketplace.

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.

Fishing Republic is acting as a consolidator and expansion plans involve snapping up smaller, often family-owned fishing retail businesses. At the same time, the store network is expanding and its online sales strategy involves transitioning away from third party platforms to its own website sales, where margins are higher.

The firm has reported on the year ending December 31 2016, calling 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 have been helped by improved purchasing power.

A new share placing during 2016 landed £3.75m from big name investors including Bill Currie, Iain McDonald and Sir Terry Leahy. This funding has enabled the business to support the expansion of the store network and the online strategy.

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Fishing Republic had 12 outlets by the end of the year with three opening in 2017, in Milton Keynes, Ipswich and Reading. Leases have been signed on three further stores, in King's Lynn, Huntingdon and Clavering in Essex, which expect to open over the coming months.

Store revenues (£4.14m in 2016 compared to £2.27m in 2015) accounted for 71% of the group's total revenues with like-for-like sales increasing by 16% over 2015.

James Newman, chairman of Fishing Republic, said: "Fishing Republic has made strong progress over the year as we continued with expansion plans to build a significant position in the fishing tackle marketplace. Results show very encouraging growth with revenues up by 41% to £5.8m and profit before tax and exceptional items up by 32% to £0.40m.

"The outlook for the Group remains very positive. The fishing tackle marketplace is large but highly fragmented, with over 2,000 mainly owner-operated businesses and we continue to see a substantial growth opportunity for the Group and our multi-channel model."

Steve Gross, chief executive of Fishing Republic, added: "It has been another encouraging year of progress. The new funds we raised in late June 2016 helped to support the continuing development and expansion of our store network and have also enabled us to accelerate our plans to develop the Group's online platform and digital strategy, and transition online sales to our own websites, away from our historical model of third party platforms.

"Our store expansion is progressing very well and we have a further three stores earmarked for opening over the coming months which will take the total number of our outlets to 18. The main fishing season, which typically starts in the second quarter of the year, has begun well and we view prospects for ongoing growth very positively as we capitalise on our 'first mover' advantage."

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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.

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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.

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News: Fishing Republic flying following flotation

Rotherham-based retailer, Fishing Republic is expecting its revenue figures to show an increase of approximately 40% year-on-year.

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.

In a trading update, the firm said that it continues to make encouraging progress and results for the year are expected to be in line with current market expectations. Revenue is expected to show an increase of approximately 40% year-on-year, driven by the addition of new stores, organic growth across existing stores, and strong growth in own website sales.

Last September the group has decided to rebase its profit forecasts for the current financial year to allow it to invest for growth in both its store network and online. This came after a strong balance sheet position. For the six months ended June 30 2016, the group reported that revenue increased to £2.5m, up by 34% from the £1.87m in the same six months of 2015. Profit before tax was £157,000 and compares to a loss of £150,000 reported last year after exceptional costs of £299,000.

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The latest update added: "We are making good progress with our online sales strategy, where we are transitioning away from third party platforms to own website sales, where margins are higher and we own the customer. As a result, our own website sales increased by 132% year-on-year and accounted for c. 40% of total online sales for the year. As expected, with lower third party sales, total online sales decreased but, importantly, overall gross margins improved. We will continue to expand our in-house capabilities in digital technology, marketing and customer data in the year ahead to support this transition strategy."

A new website is set to launch in March.

The placing of ten million new shares at 15p per share in 2015 raised £1.5m. A share placing in 2016 raised a further £3.75m.

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

Fishing Republic operates 16 stores and the three new stores opened in the first half of the financial year, in South Birmingham, Crewe and Hull, are continuing to build their sales in line with management forecasts. The latest opened in Milton Keynes in January and two further stores, in Reading and Ipswich, are expected to open before the end of the first quarter. Further openings are planned later in the year.

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News: New Year's Honours for skills sector stalwarts

Chris MacCormac has been awarded an MBE for services to education and business in South Yorkshire in the New Year's Honours.

Chris is the CEO of Rotherham-based Morthyng Group Ltd and was the first president of the unified Barnsley and Rotherham Chamber of Commerce.

A registered charity, Morthyng is a "not for profit" organisation that supports the training of young people and adults. The training provider operates youth training, as Morthyng Vocational College, which operate in Rotherham, Doncaster, Birkenhead and Corby.

Schools in Rotherham use Morthyng's skills and facilities on the regenerated site of the former South Grove School to deliver an alternative curriculum to years 9 to 11 off the main school site.

Chris began with an apprenticeship at British Steel and went on to work on youth and skills projects. In 1995 Chris joined Morthyng Limited as general manager and was promoted to chief executive in 1998.

Ken Barrass was awarded an MBE in the New Year's Honours for his services to further education. Until this year, Ken was chair of the board of governors at Rotherham College - which he has served for 17 years.

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Ken is a certified accountant and has also developed significant experience of audit and acquisition work. He served as finance director for several larger firms in Yorkshire and Nottinghamshire, which operated in a diverse range of manufacturing and wholesaling fields. He was previously an accountant at British Steel.

In the late 1990s he began working with College, demerging a joint venture between Rotherham College, Rotherham Council and the Rotherham Chamber of Commerce and becoming founding company secretary of REACT.

This experience was the foundation for Ken's work on the College's board of governors, upon which he has served since 2000, including as a member and chair of the finance committee and as vice chair of the board from 2007 until becoming Chair in 2011. Ken has played an instrumental role in providing stewardship of the financial health of the college, including during a merger with Rother Valley College in 2004 and through successful recent capital building projects.

With the latest merger with North Notts College initiating in February 2016, Barrass became chair of the new RNN Group before retiring in July.

Mr Barrass said: "I have found my time as a Governor and especially as Chair very rewarding with the highlights being the visit of Prince Andrew to open the Wentworth Building, the "Good" Ofsted grade and seeing the improvement in success rates of the students."

Atholl Stott, chair of governers at the RNN Group, said: "Ken contributed so much to the organisation and his foresight and professionalism played such a major part in the formation of the RNN group. This award is much deserved and a wonderful recognition for all Kens hard work and commitment to the community."

John Connolly, chief executive of RNN Group, added: "Ken's leadership of the Board during the period up to the merger date and beyond was instrumental in the successful launch of the RNN Group. He was exceptionally generous with his time and expertise throughout that period, to ensure the merger delivered the best outcome for students and employers across the region."

James Newman, former chair of the Sheffield city region local enterprise partnership (LEP) has been awarded an OBE in the New Year's Honours for services to business, the economy and charity in Yorkshire.

The qualified chartered accountant and former Master Cutler is currently the chairman of Finance Yorkshire and chairman of Rotherham-based retailer, Fishing Republic.

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News: Fishing Republic to invest for growth

Rotherham-based retailer, Fishing Republic has increased revenues and profit margins, prompting the board to accelerate investment in future growth.

The placing of ten million new shares at 15p per share in June last year raised £1.5m for the Eastwood company that is already one of the largest retailers of fishing tackle in the UK by floorspace. A share placing this year raised a further £3.75m.

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

For the six months ended June 30 2016, the group reported that revenue increased to £2.5m, up by 34% from the £1.87m in the same six months of 2015. Profit before tax was £157,000 and compares to a loss of £150,000 reported last year after exceptional costs of £299,000.

During the period, Fishing Republic expanded its store network, opening two new stores, in South Birmingham and Crewe, and relocated its existing Hull store to a significantly larger site. The first acquisition, Cotswold Angling in Swindon - the first presence in the South of England, was integrated into the group and after the period end the company acquired Fantackletastic, a fishing tackle store in Lincoln, taking the total number of outlets to 11.

The Company generated a gross profit of £1.25m (2015: £814,867), an increase of 54%, year-on-year. This increase benefited from an uplift in gross margin to 50% from 44% in the comparative period last year. Sales from its own websites increased 153% year-on-year (from a low base) although, reflecting the shift of of focus to its own website sales, total online sales decreased by 9% year-on-year.

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Given the strong balance sheet position, the group has decided to rebase its profit forecasts for the current financial year to allow it to invest for growth in both its store network and online.

James Newman, chairman of Fishing Republic, said: "Since joining AIM in June 2015, we have made significant progress in working towards our ambition of becoming a dominant player in the highly fragmented fishing tackle market. These results show the Group's continuing encouraging progress. The additional funds raised in June support ongoing growth and we are pleased to welcome new shareholders including Bill Currie, Iain McDonald and Sir Terry Leahy.

"With the planned opening of two further stores before the year end, additional investment in our recent acquisition and the increase in resource across key areas, including multi-channel, the Group's cost base will rise significantly in the current financial year. This, coupled with lower than expected sales during the latter part of the summer season, means our results for this financial year are now anticipated to be below current market expectations."

Steve Gross, chief executive of Fishing republic (pictured), added: "Following the successful placing in June, we are now accelerating investment across the business, including multi-channel. We expect the benefits of this investment programme to come through in 2017. The Group has a strong balance sheet and we are confident about growth prospects and will continue to consider further acquisitions and selective store openings."

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News: Fishing Republic reels in another

Rotherham-based retailer, Fishing Republic has announced another acquisition as it carries out its expansion plans by snapping up smaller, often family-owned fishing retail businesses.

The placing of ten million new shares at 15p per share in June last year raised £1.5m for the Eastwood company that is already one of the largest retailers of fishing tackle in the UK by floorspace. A share placing this year raised a further £3.75m.

Fishing Republic has now acquired the business and assets of sole trader, A. Would, who operates Fantackletastic, a fishing tackle store in Lincolnshire, for a total consideration of £150,000, payable in cash.

Fantackletastic is a well-established local brand in Lincoln, having operated for over 15 years from the same site on a light industrial estate close to the city's centre. Catering for all types of fishing disciplines, from a 4,000 sq ft operation, it provides the company with its first presence in the East Midlands and fits the Group's "destination store" model.

Floating on AIM, the directors believe that Fishing Republic is the only participant in the market looking to act as a consolidator.

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In the year to 31 March 2016, Fantackletastic generated revenues of c. £425,000 and an operating profit of c. £40,000.

"Encouraging results in line with market expectations" were reported by Fishing Rpublic for the year ended December 31 2015. Sales for the year as a whole increased by 22% to £4.12m, compared to the £3.39m in 2014, with sales in the second half after launching on the stock exchange rising by 45% year-on-year.

The additional costs of being a quoted company and increased marketing expenditure meant that the group reported profit before tax (which includes expensed IPO costs of £299,000) was £5,700, down from £295,000 in 2014. However, the group's gross profit increased by 21% to £1.88m (2014: £1.55m).

Following completion of the acquisition, Fantackletastic's founder, Adele Would, will remain with the business for a period to ensure a smooth handover, with the wider team joining Fishing Republic. The acquisition takes the total number of the Group’s stores to 11.

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Steve Gross, chief executive of Fishing Republic, said: "I am pleased to announce the acquisition of Fantackletastic, which provides Fishing Republic with a presence in the East Midlands. It is a long-established business, with a loyal customer base, and fits our "destination store" model. We look forward to working with the Fantackletastic team as we integrate the business within the wider Group.

"We continue to evaluate opportunities to increase the Group's footprint across the UK."

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