Staff redundancies confirmed at Angling Direct
PUBLISHED: 11:14 07 August 2020 | UPDATED: 09:33 08 August 2020
The UK’s biggest fishing tackle retailer, based in Norfolk, is making “a small number” of compulsory redundancies.
Angling Direct, based in Rackheath, which grew from a small shop in Hovetonto 36 stores across the UK, is axing between five and 10 jobs.
A spokesman said: “As part of a need to reorganise and strengthen certain areas of the business, Angling Direct has recently taken the difficult decision to make a small number of redundancies.
“The company is gearing itself for further growth and has made new hires at its head office and distribution centre to support this.”
A spokesman added that the redundancies were “not a cost cutting exercise” and that the firm was “gearing up for growth”.
The firm, which has stores locally in Hoveton, Norwich and Beccles recently raised £5.5 million by releasing shares on to the market – stating funds raised would be used for stocking stores with a spike in demand predicted.
It reopened stores on June 15 coinciding with the start of the coarse fishing season.
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Angling Direct’s shares were traded on AIM – a sub-market of the London Stock Exchange.
While the fundraising was only open to institutional investors, private investors could also buy shares.
The firm saw major expansion last year with the opening of 10 new stores across the UK, including three acquisitions. After closing shops because of coronavirus, the chief executive Andy Torrance stated in the annual report that their online business fulfilled increased orders because of new investment made in automation in its distribution centre.
Mr Torrance said on releasing the shares in June: “While Covid-19 has presented many uncertainties, Angling Direct has demonstrated its resilience as a business with its e-commerce operations continuing to outperform to cater to the increased demand from our loyal customers. “Longer-term, we as a board look forward to a time when greater certainty exists and we are able to deploy surplus capital to a number of exciting growth opportunities that we have identified.”
Angling Direct was founded by Martyn Page and William Hill in 1986.
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