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Norwich fishing tackle retailer reels in another acquisition

Angling Direct executive chairman, Martyn Page, front right, and CEO Darren Bailey, front left, with the management team at their Rackheath distribution centre. From left, Oliver Harper, marketing manager; Shona Wright, HR manager; Stuart Porter, IT manager; Wouter Putman, operations and online; Keith Easton finance controller; Stewart Downing, commercial manager; and Ian Hunter, finance director. Picture: DENISE BRADLEY

Angling Direct executive chairman, Martyn Page, front right, and CEO Darren Bailey, front left, with the management team at their Rackheath distribution centre. From left, Oliver Harper, marketing manager; Shona Wright, HR manager; Stuart Porter, IT manager; Wouter Putman, operations and online; Keith Easton finance controller; Stewart Downing, commercial manager; and Ian Hunter, finance director. Picture: DENISE BRADLEY

Archant

A Norwich-based fishing tackle retailer has acquired another competitor in a £125,000 deal.

Angling Direct on Aylsham Road.
Byline: Sonya Duncan
Copyright: Archant 2017Angling Direct on Aylsham Road. Byline: Sonya Duncan Copyright: Archant 2017

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.

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