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Fishing Republic
- BY: Andrew Hore |
- POSTED: 04/01/2016 |
Fishing equipment retailer Fishing Republic has moved into the south through the acquisition of Cotswold Angling in Swindon and raised £500,000 at 16p a share.
This is the first acquisition since Fishing Republic joined AIM in the summer. Fishing Republic paid £170,000 for the 4,100 square feet site near Swindon. In the year to September 2014, revenues were £430,000 and there was a small profit. Co-founder Trevor Gunning will become a regional operations manager in the group.
A new store is being opened in Crewe, following on from the opening of a store in Birmingham and the move to larger premises in Hull. The 11,000 square feet store in Crewe should be open in March.
Miton was the main investor in the placing and its stake reached 18.2%.
Fishing Republic raised £953,000, after expenses, at 15p a share when it joined AIM in June. The share price held steady at 16.75p, valuing the company at £4.5m. There was £684,000 in the bank at the end of June 2015, although there is also a mortgage of £280,000.
Russell Holmes is taking over from Robert Tippett as finance director and he has been granted options over 235,294 shares exercisable at 17p each.
The shares are trading on 14 times 2015 earnings, falling to nine in 2016.
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