More than 100 jobs saved as Fishing Republic gains new owners

MORE than 100 jobs have been saved after a major fishing retail chain gained new owners.

Thursday, 20th December 2018, 5:03 pm
Updated Thursday, 20th December 2018, 5:08 pm
Shares in the company, which is listed on Londons junior market, will now be cancelled. Photo: Jonathan Brady/PA Wire

Leonard Curtis Business Rescue & Recovery last night confirmed that Andrew Poxon and Julien Irving, who were appointed as joint administrators to Fishing Republic, have completed the sale of the company to an unconnected third party.

The Rotherham-based business is one of the largest retailers of fishing equipment in the UK.

In a statement, Leonard Curtis said: “After a period of marketing the joint administrators completed a deal today which has preserved the jobs of all 111 employees across the retailer’s 14-strong UK store network.”

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Last month, Fishing Republic was plunged into crisis after major investors pulled their backing from the business and the firm scrambled to raise cash.

Shares in the company, which is listed on London’s junior market, will now be cancelled.

Fishing Republic posted its latest set of results at the end of September, with interim pre-tax losses widening to £2.5m from £117,544 after revenue fell to £3.4m from £4.1m.

At the time, Fishing Republic said the company was in a year of transition and the results reflected the challenging period, including the very difficult trading backdrop.

The company said that, after a comprehensive review of operations, restructuring of the business was ongoing and the senior management team had been strengthened.

In September, Fishing Republic said that its principal website had been upgraded and relaunched in May. A new distribution centre was opened and became operational in April.

Its main rival Angling Direct, which trades on the Alternative Investments Market (AIM), has expanded aggressively this year, which has eaten into Fishing Republic’s market share.