Fishing Republic adds 11th store to growing portfolio
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Fast-growing UK retail chain Fishing Republic has continued its acquisition policy with the £150,000 purchase of a business in the East Midlands region.
It has taken over Fantackletastic, a well established local business situated in Lincoln. It has been operating in the capital city of Lincolnshire for over 15 years and caters for all types of fishing. In the year to March 31, 2016, it generated revenues of around £425,000 and an operating profit of approximately £40,000.
Following completion of the acquisition, Fantackletastic’s founder Adele Would will remain with the business for a time to ensure a smooth takeover, with the remaining members of the team joining Fishing Republic.
Steve Gross, Chief Executive of Fishing Republic, said: “I am pleased to announce the acquisition of Fantackletastic, which provides the company with a presence in the East Midlands. It is a long-established business with a loyal customer base which fits our ‘destination store’ model.
“We look forward to working with the Fantackletastic team as we integrate the business within the wider group. We continue to evaluate opportunities to increase the group’s footprint across the UK.”
This latest acquisition takes the Rotherham-based group’s number of stores to 11.