Fishing Republic agrees £500,000 loan from shareholders
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UK-based Fishing Republic, one of the region’s major retailers, has agreed a secured loan of £500,000 from existing shareholders.
The loan, which is charged at nine per cent per annum, is repayable after one year. The company has no other borrowings.
This funding will be used to provide additional working capital for the company as it enters the busiest part of the fishing season. Fishing Republic is set to provide an update on trading at its annual meeting in July.
The company has embarked on a reorganisation of the business following what it described as a ‘disappointing’ year in 2017.