Angling Direct hooks competitor for £1.4m
PUBLISHED: 15:58 25 February 2019 | UPDATED: 16:11 25 February 2019
London Stock Exchange
Norfolk's Angling Direct has announced its purchase of fishing tackle retailer Chapmans Angling for £1.4m.
This latest acquisition will extend Angling Direct’s reach into the North East of England, taking the total number of the Norwich-based group’s stores to 26.
Darren Bailey, chief executive of Angling Direct, said: “Chapmans Angling is a high quality business which will give Angling Direct a strong foothold in the North East of England. The Group will continue to provide the very best level of service across both stores, with Chapmans’ online distribution moving south to Angling Direct’s main distribution centre in Norfolk.”
Chapmans Angling has two stores in Scunthorpe and Hull, and has generated revenue of £30m in the year to April 30.
With the acquisition including approximately £1.1m of stock, the directors of the Wroxham-born business believe that the total values Chapmans Angling at approximately three times average annual profits for the last three years.
A spokesman added: “The Directors are looking forward to capitalising on the benefits that they expect to come from the economies of scale and best practises that Angling Direct will implement upon acquisition.”