Angling Direct acquires Chapmans Angling for £1.40m
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The UK’s largest fishing tackle retailer, Angling Direct, has acquired Chapmans Angling – a two-store operation based in the north of England – for £1.40m.
The company, which last week announced that it was in advanced talks with Chapmans Angling, has added the business to its portfolio of stores which now stands at 26.
Darren Bailey, CEO of Angling Direct, said: “Chapmans Angling is a high quality business which will give us a strong foothold in the north-east of England. The group will continue to provide the very best level of service across both stores, with Chapmans’ online distribution moving south to Angling Direct’s main centre in Norfolk.”
Paul Devlin, owner of Chapmans Angling, added: “I would like to thank everyone who has worked for me during my 16 years as owner of Chapmans Angling, I have thoroughly enjoyed working with such talented and passionate people who have been instrumental in making Chapmans the success it is today. It wasn’t an easy decision for me to sell, but Angling Direct’s vision is the perfect option for the future success of these two superb stores.”
In the year to April 30th, 2018, Chapmans Angling generated revenue of over £3m and a profit before tax of £43,000. With the acquisition including approximately £1.1m of stock, Angling Direct said it believes that the total consideration values the business at approximately three times average annual profits for the last three years.
It added that it is looking forward to capitalising on the benefits that it expects to come from the economies of scale and best practises that Angling Direct will implement upon acquisition.