Fishing Republic is available for sale as struggles continue
Article Media Click images to enlarge +
One of the UK’s leading fishing tackle retailers has been put up for sale.
Struggling Fishing Republic, which last month issued a warning about the future of the company if it could not secure additional funding, is exploring the possibility of selling all or parts of the business.
The news was released to the London Stock Exchange on Friday in a company update on its financial position. Trading in its shares have already been suspended.
It reported that equity fundraising activity was ‘ongoing’ and that the company was in discussion with certain existing shareholders to assess their support for providing short-term finance for the group.
“Alongside this, the company’s professional advisors have been looking at various options to sell all or parts of the trading business as a going concern,” Fishing Republic said in the statement.
It added ominously: “There is no guarantee that the company will be able to conclude the equity fundraise or raise sufficient funds for its immediate and future working capital requirements. Therefore, a material uncertainty regarding the group’s financial position continues to exist.”