Norwich fishing tackle retailer reels in another acquisition
A Norwich-based fishing tackle retailer has acquired another competitor in a £125,000 deal.
Directors believe Angling Direct’s takeover of Ted Carter Fishing Tackle values the business at two times its annual profits.
Based in Preston, Lancashire, Ted Carter Fishing Tackle generated turnover of around £1.2m in the year to March 31 2018, while its 3,000 sq ft store is located close to a number of angling venues.
The deal sees Angling Direct acquire Ted Carter’s stock, fixtures and fittings, and goodwill. The shop will be re-branded as Angling Direct Preston, its 22nd store.
Chief executive Darren Bailey said the takeover validated the company’s aim to expand through acquisition into new areas with a “strong angling demographic”.
The retailer, which has a warehouse at Rackheath and shops in Norwich, Wroxham, Beccles and Colchester, recorded record results last month following its flotation on the London Stock Exchange in July 2017.