Angling Direct in “advanced” talks to buyout competitor

The team at Angling Direct's Rackheath store. Picture: Angling Direct

The team at Angling Direct's Rackheath store. Picture: Angling Direct - Credit: Angling Direct

Norfolk's Angling Direct has said it is in 'advanced negotiations' regarding the potential acquisition of its competitor Chapmans Angling.

The Wroxham-born business said in a statement on the London Stock Exchange last week that it is in talks with the company, but cannot be certain the transaction will be completed.

MORE: READ: Norfolk Chamber's letter to county's MPs, pressing for Brexit answersChapmans Angling has been trading for more than two decades and has stores in Hull and Scunthorpe.

The announcement came a day after Angling Direct posted a positive trading update ahead of releasing its results for the year.

For the 12 months ended 31 January, the company expected to report revenue £42.0m, up 38.9% compared with the same period the previous year.

International sales increased by 98% to £4.66m, accounting for 20.9% of the group's online sales, a rise from 13.8%, following the launch of the group's German website in June 2018 and Netherlands and French websites which went live toward the end of the year.

In-store sales were £19.74m, an increase of 50% overall and up 6.2% on a like for like basis, the company said. Online sales grew to £22.26m, an increase of 30.3%.

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MORE: Warning over cold callers with 'ID' selling household cleaning products across NorfolkThe company said: 'The group has entered its new financial year in a strong position to continue its strategy to grow both organically and by acquisition and the board remains confident that Angling Direct will achieve its targets for the year.'