Fishing tackle firm Angling Direct hoping to hook £9m when it floats on London Stock Exchange
PUBLISHED: 11:12 03 July 2017 | UPDATED: 13:14 03 July 2017
A fishing tackle retailer is hoping to reel in £9m when it floats on the stock exchange.
Angling Direct, which is headquartered at Rackheath, Norwich, is expected to be admitted to the London Stock Exchange’s Alternative Investment Market listing on July 13.
The firm, which sells 21,500 items both online and in 15 stores across the UK, has an anticipated market capitalisation of £27.4m.
Selling shareholders will receive a share of £1.6m while a further £7.4m will be raised for the company – should the initial public offering (IPO) be successful.
Angling Direct has said it plans to roll out further stores as well as increasing online sales – which will be driven from its Norwich distribution centre.
In March 2016 it launched its own brand of products, Advanta. As well as its Rackheath distribution base the group owns stores in Aylsham Road, Norwich, Wroxham, Colchester, Beccles and Chelmsford.