Angling Direct to raise £20m to progress to ‘next level’
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The UK’s largest fishing tackle retail chain is to raise £20m from investors that will be used to take the business to the ‘next level’.
Ambitious Angling Direct, which floated on the London Stock Exchange (AIM) in July 2017, currently has 24 stores across England following the opening of its latest outlet in Peterborough at the weekend, but has plans to increase its footprint considerably in the next two years.
The £20m will be used for the following purposes:
- Open around 20 new stores in the UK during 2019 and 2020;
- For website development, including the roll-out of native language sites in Europe;
- For a European media and marketing plan;
- To explore potential strategic merger and acquisition opportunities;
- Increase the headcount across the business;
- For general working capital and expansion of its own brand Advanta
Angling Direct Chief Executive Officer Darren Bailey said: “We are delighted with the level of support that the company has received from its existing and new investors. The business has made excellent progress in the 15 months since joining AIM, with acquisitions completed, new stores opened and revenue grown significantly.
“The new funds will allow Angling Direct to go to the next level as we seek to extensively increase our UK footprint and expand into Europe through our successful online business.”