A fishing equipment retailer has bought one of the largest specialist tackle stores in Europe in a £3m deal.
Angling Direct, which is based on the Rackheath Industrial Estate, has acquired Fosters Fishing, increasing its presence in the Midlands.
Fosters has a 17,000 sq ft superstore on the outskirts of Birmingham and for the year to March 31 Fosters generated turnover of £5.9m with pre-tax profits of £460,000.
Darren Bailey, chief executive of Angling Direct, said: 'Fosters is a long-established and very successful business with a loyal customer base and knowledgeable team. The acquisition will be earnings enhancing from day one and validates Angling Direct's long-term strategy – to consolidate the fishing tackle market whilst expanding our business through acquisition.'
The deal marked the first acquisition since Angling Direct floated on the stock market in July.
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