Angling Direct raises £9m in Stock Exchange floatation
Angling Direct Executive Chairman Martyn Page (left) and CEO Darren Bailey are pictured at the London Stock Exchange following the company's floatation.
Angling Direct has become the second UK fishing tackle retailer to be listed on the London Stock Exchange, following in the footsteps of rival chain, Fishing Republic, which went public in 2015.
The Norfolk-based company, which has 15 stores across the UK, has a market capitalisation of £27.4 million and raised £9 million from the floatation. The money will be used to accelerate growth as it seeks to build a £50 million revenue generating business.
It says that its London listing will help it expand through new store openings and acquisitions of existing fishing tackle stores, enhance its market credibility, raise its corporate profile and brand awareness and provide access to additional capital.
"Listing on AIM is a significant transition for the company as we seek to accelerate growth, namely through our e-commerce platform and expanding our footprint of retail stores," said Chief Executive, Darren Bailey.
"Our aim is to deliver a modernised approach to traditional fishing retail and we feel that providing a best-in-class online presence and instore retail experience will drive growth."
To encourage new and returning anglers to the sport, Angling Direct is once again running its 'King of the Catch' competition which is run over a five week period during the summer school holidays in the UK and offers fishing holidays to the winners that are voted the best in the carp, predator, coarse, sea and junior categories .
These are backed up with gift cards from Angling Direct to the runners-up.