Your chance to buy into multi-million pound Norfolk firm
- Credit: Angling Direct
Norfolk-founded company Angling Direct have released a windfall of shares at the bargain price of 50p.
The company, which has grown from a single shop in Wroxham to the UK’s biggest specialist tackle retailer, has made the move in a bid to raise funds to buy stock.
Angling Direct, which is based in Rackheath, has raised £5.5 million by releasing shares on to the market. These are available for trade in two phases the first today and another on July 1.
The funds raised will be used for stocking stores over the coming weeks, with a demand spike predicted.
This is due to the fact that stores reopened on June 15, coinciding with the start of the coarse fishing season.
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Angling Direct’s shares are traded on AIM - a sub-market of the London Stock Exchange.
While the fundraising was only open to institutional investors, private investors can buy shares on the open market via their brokers or an investment platform. Chief executive Andy Torrance said: “We are delighted with the strong support received from our existing shareholders and welcome new investors onto the register. Whilst 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. “In addition, we look forward to the full re-opening our retail stores on 15 June 2020 which will also coincide with the start of the coarse fishing season. In the immediate term, the proceeds of the fundraise will be used to strengthen the Group’s balance sheet and secure product ahead of the high levels of customer demand that we anticipate over the coming months. “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.”
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The group was founded by Martyn Page and William Hill in 1986, who bought a single fishing tackle shop in Wroxham.
More than 30 years later the chain is the biggest specialist fishing tackle and equipment retailer in the UK and now floats on the London Stock Exchange.