FISHING REPUBLIC, the ailing retail tackle firm, has been saved from closure by Go Outdoors, the holding company of giant high street sports chain JD Sports.
Fishing Republic is understood to have outbid interested other noted large tackle companies, by guaranteeing the continuation of all existing stores and their staff.
Fishing Republic currently operates 14 super stores, a reduction from 19 at its peak, and employs 111 staff across the country.
JD Sports don’t sell any tackle but Go Outdoors has a large fishing section.
It is reported controversial businessman Mike Ashley, owner of Sports Direct and Newcastle United, has a 19 per cent stake in JD Sports.
“We are all delighted” – Fishing Republic chief
Fishing Republic’s chief operating officer, Steve Kyriacou, told Angler’s Mail: “We are all delighted with the deal which saves the stores and keeps all current staff in employment.
“We will continue to trade at least for the time-being under the Fishing Republic name but have the backing of a much larger company.
“We entered receivership and the bid from Go Outdoors was accepted by the receivers the very next day.
“I believe the fact that Go Outdoors guaranteed continuation of employment for all staff was a decisive factor in acceptance of their bid over other interested parties.
“As you can imagine going into receivership especially coming was a gloomy time for all our employees who possibly faced redundancy, so the terms of the takeover were a great relief for us all.
“We have stayed open during this time and continued to trade so its business as usual in 2019,” he concluded.
Fishing Republic rescue reactions
A spokesman for the firm which handles communications for Go Outdoors and JD Sports confirmed that the purchase had gone ahead but the company did not wish to comment further at this stage.
Leonard Curtis, the company appointed as receivers, said in a statement: “After a period of marketing the joint administrators completed a deal which has preserved the jobs of all 111 employees across the retailer’s 14-strong UK store network,”
Tackle shop owner and pike historian Neville Fickling said: “While I have every sympathy for those who were at risk of losing their jobs, the company went to the stock market and failed.
“Mike Ashley has a good track record of making success out of failure, so good luck to them,” added Nev, an Angler’s Mail magazine columnist.
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