Angling Direct acquires two more retail stores for £450,000
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Angling Direct, the largest fishing retailer in the U.K., has acquired two more top stores for £450,000, just two months after paying out £3million for Fosters of Birmingham.
The North West Angling Centre (NWAC) and Tacklesaver – formerly ‘Trevs of Wimslow’ – have joined the ranks of the fast-growing company which now boasts 20 stores across England. The Directors of Angling Direct say they believe that the total consideration values the businesses at approximately 3.5 times their annual profits. In the year to March 31, 2017, NWAC and Tacklesaver generated revenues of around £1.8 million.
From a converted former church, NWAC has traded as one of the country’s largest angling superstores for over 30 years, supplying a vast range of fishing tackle and bait from leading manufacturers. NWAC is located near Wigan, and close to two major motorways.
Tacklesaver, which is based in Handforth, Wilmslow, caters for all disciplines of fishing. The 5,000 sqft store is easily accessible from the M56 and located very close to Manchester Airport. In addition to the excellent locations, both branches offer free car parking.
Darren Bailey, CEO of Angling Direct, said: “Both North West Angling Centre and Tacklesaver are long established and very successful businesses 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 into new areas of the country with a strong angling demographic.”
“Angling Direct continues to trade strongly and in line with the Board’s expectations. We look forward to working closely on the integration and development of the newly acquired stores and expect them to improve their contribution to the company’s positive trading outlook over the coming months.”