King's Lynn retailer Fishing Republic announces its future is in "serious doubt"
PUBLISHED: 17:00 12 November 2018 | UPDATED: 17:14 12 November 2018
Angling retailer Fishing Republic, which has a store in King's Lynn, has warned that its future is in "significant doubt" as it scrambles for emergency funding, jeopardising more than 100 jobs.
The company, which has 13 other stores across the UK, is attempting to raise enough money to cover its immediate and future costs after major investors pulled their backing from the business.
It came as Rackheath-based national rival Angling Direct confirmed it had raised £20m from investors towards expansion.
However, it said in a stock market update that without sufficient funding, there would be “significant doubt” over its ability to continue trading.
A further announcement will be made by the end of November.
The company employs about 115 people, mostly part-time staff.
At the end of September, the company saw interim pre-tax losses widen £2.5m from £117,544 after revenue fell to £3.4m from £4.1m.
The group said that sales “have been significantly affected by strong competitive pressures”.