Fishing Republic, which has a store in King’s Lynn, falls into administration
Fishing Republic has announced it has failed to raise emergency funding to ensure its survival, and has collapsed into administration.
The news has put 100 jobs at risk, most of which are part-time.
The chain has 14 stores across the country, including one outlet in King’s Lynn.
Fishing Republic posted a concerning set of numbers at the end of September, with interim pre-tax losses widening £2.5m from £117,544 after revenue fell to £3.4m from £4.1m.
The group said at the time that sales “have been significantly affected by strong competitive pressures”.
Last month, Fishing Republic was plunged into crisis after major investors pulled their backing from the business and the firm scrambled to raise cash.
Its main rival Angling Direct, which also trades on the Alternative Investments Market (AIM), has expanded aggressively this year, which has eaten into Fishing Republic’s market share.