Angling Direct acquires top European retailer for £3 million
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Angling Direct, the UK’s largest specialist fishing tackle chain, has acquired one of Europe’s leading retailers in a deal worth £3 million.
The group has taken over Fosters Fishing – better known as Fosters of Birmingham – a business that has operated on the outskirts of the Midlands city for over 30 years.
The latest acquisition increases Angling Direct’s presence in the Midlands to three and the total number of stores across the UK to 17, with a new store in Slough, Berkshire, due to open this month.
In the year to March 31st, 2017, Fosters generated revenues of around £5.9 million and an operating profit before tax of approximately £460,000, with net assets of £1.1 million, including the Fosters store which was recently valued at £0.5 million.
Following completion of the acquisition, Mark Foster will remain with Fosters for a few weeks to ensure a smooth handover, while Richard Foster will continue to work in the business on a part-time basis.
Darren Bailey, CEO of Angling Direct, said: “Fosters is a long established and very successful business with a loyal customer base and knowledgeable team. The acquisition will be earnings enhancing from day one and validates our long-term strategy – to consolidate the fishing tackle market while expanding our business through acquisition.
“We look forward to working closely and supporting the Fosters team with the integration over the coming months.”