Fishing retailer Angling Direct reels in North West stores
PUBLISHED: 09:04 16 November 2017 | UPDATED: 10:46 16 November 2017
Fishing retailer Angling Direct has reeled in two North West businesses as it continues its expansion.
The Norwich-based firm has bought North West Angling Centre, near Wigan, and Tacklesaver, near Manchester, in a deal worth £450,000 – around 3.5 times annual profits, the company said.
The two businesses had a turnover of around £1.8m in the year to March 31.
Darren Bailey, chief executive of Angling Direct, said: “Both North West Angling Centre and Tacklesaver are long-established and very successful business with a loyal customer base and knowledgeable team. The acquisition will be earnings enhancing from day one and validates Angling Direct’s long-term strategy – to consolidate the fishing tackle market while expanding our business through acquisition into new areas of the country with a strong angling demographic.
“Angling Direct continues to trade strongly and in line with the board’s expectations.
“We look forward to working closely on the integration and development of the newly acquired stores and expect them to improve their contribution to the company’s positive trading outlook over the coming months.”
Angling Direct floated on the London Stock Exchange in July and has a market capitalisation of around £33.4m.
Having started out as a single tackle shop in Wroxham the group now has 20 stores across the country.