THE UK’s largest and fastest expanding specialist fishing tackle and equipment retailer is set to push ahead with even more growth.
Angling Direct plc has raised approximately £20 million through the issue of new shares at 92.5 pence each.
The placing was over-subscribed, with strong support from both new and existing institutional shareholders.
Angling Direct is one of only two angling retail PLCs, and currently enjoys about eight per cent market share of a £570m UK market.
Angling Direct is looking to double the company’s revenues to approximately £100 million over the medium term.
Darren Bailey, chief executive of Angling Direct, told Angler’s Mail: “Our plan for 20 new stores in two years is ambitious but we believe it is realistic and achievable.
“With approximately 1,800 angling-orientated retailers, fragmentation in the market is high with significant scope to consolidate and for us to expand.
“Part of the new money raised is to pay for extra staff in the infrastructure to implement our plans.
“We are opening a new store in Peterborough the weekend of October 26 and then we will have 24 stores in all with several more already in the pipeline.
“As well as building on new sites we also acquire existing businesses if they are large enough.
“I am aware that the numbers fishing are flat at the moment although licence sale figures don’t take into account things like people who only fish abroad which is growing in popularity.
“Anyone involved in the angling industry has a responsibility to promote the sport and Angling Direct does currently support initiatives from people like the Angling Trust and the Angling Trade Association with National Fishing Month.
“On a local level our stores do talk to local fisheries about trying to improve access particularly for younger people who are sometimes deterred by the cost of fishing and transport problems.
“Going forward we all need to do more to encourage both younger people into the sport and tempt former anglers to return,” Darren added.
Why Angling Direct raised £20 m:
- To open approximately 20 new stores in the UK in 2019 and 2020.
- Website development including the roll-out of native language sites in Europe.
- European media and marketing plan.
- Facilitate the exploration of potential strategic marketing and aquisition opportunities.
- Increase the headcount across the business.
- General working capital and expansion of the Advanta® product lines.
CAUGHT A BIG FISH OR GOT SOME NEWS? You could star in Angler’s Mail in print and online – email pix and details exclusively to: anglersmail@ti-media.com
AN ANGLER’S MAIL MAGAZINE SUBSCRIPTION MAKES A GREAT CHRISTMAS GIFT!
With Christmas coming, it’s a great time to subscribe to one of the top magazine offers online at magazinesdirect.com.
You’ll then get Angler’s Mail magazine delivered to your door, or the door of a friend/relative. And it’s at discounted rates… to suit all pockets.
There are seasonal deals for the print version and the digital version too.
You may also like to read these Angler’s Mail stories…
Angling Direct swallows up Fosters of Birmingham
Angling Direct is now the largest specialist fishing tackle and equipment retailer in the UK with 17 stores. The news…
Angling Direct – the giant fishing tackle chain – nets 44% growth
Angling Direct issued a pre-close trading update for the 12 months to January 31, 2018, ahead of the publication of…
5p a bag… but for a great cause
In conjunction with the Angling Trades Association (ATA) – of which the company is a member – ALL proceeds generated…
Angling statistics finally revealed showing true spending and habits
But the angling statistics report by the Environment Agency, comparing 2015 from 2005, has confirmed anglers are fishing less days.…