Angling Direct in “advanced” talks to buyout competitor

The team at Angling Direct's Rackheath store. Picture: Angling Direct

The team at Angling Direct's Rackheath store. Picture: Angling Direct

Angling Direct

Norfolk’s Angling Direct has said it is in “advanced negotiations” regarding the potential acquisition of its competitor Chapmans Angling.

The Wroxham-born business said in a statement on the London Stock Exchange last week that it is in talks with the company, but cannot be certain the transaction will be completed.

MORE: READ: Norfolk Chamber’s letter to county’s MPs, pressing for Brexit answers

Chapmans Angling has been trading for more than two decades and has stores in Hull and Scunthorpe.

The announcement came a day after Angling Direct posted a positive trading update ahead of releasing its results for the year.

For the 12 months ended 31 January, the company expected to report revenue £42.0m, up 38.9% compared with the same period the previous year.

International sales increased by 98% to £4.66m, accounting for 20.9% of the group’s online sales, a rise from 13.8%, following the launch of the group’s German website in June 2018 and Netherlands and French websites which went live toward the end of the year.

In-store sales were £19.74m, an increase of 50% overall and up 6.2% on a like for like basis, the company said. Online sales grew to £22.26m, an increase of 30.3%.

MORE: Warning over cold callers with ‘ID’ selling household cleaning products across Norfolk

The company said: “The group has entered its new financial year in a strong position to continue its strategy to grow both organically and by acquisition and the board remains confident that Angling Direct will achieve its targets for the year.”

If you value what this gives you, please consider supporting our work. Click the link in the yellow box below for details.

Become a supporter

This newspaper has been a central part of community life for many years, through good times and bad. Coronavirus is one of the greatest challenges our community has ever faced, but if we all play our part we will defeat it. We're here to serve as your advocate and trusted source of local information.

In these testing times, your support is more important than ever. Thank you.

Most Read

Most Read

Latest from the Eastern Daily Press