Fishing Republic future in doubt as trading in shares are suspended
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The future of Fishing Republic hangs in the balance after trading in its shares on the London Stock Exchange were suspended yesterday.
The beleaguered UK-based retail chain is still trading from its store network across the north of England, but it has been forced to take action after its Board was told that certain major shareholders were no longer willing to provide short-term financial assistance to the group.
At its interim results presentation last month Fishing Republic told investors that group sales have been significantly affected by strong competitive pressures. In a statement issued yesterday it said that the difficult trading environment has continued.
It has also been announced that Daniel Quinn, who was set to take over as Chief Executive Officer today, will not now be taking up the role although he will assist the company in assessing its options. James Newman will continue as Executive Chairman until further notice.
In June Fishing Republic was given a £500,000 loan from existing shareholders to provide additional working capital during its busiest period of the year.
However, since then it has seen sales plummet and reported a loss of £2.5m for the first six months of the year.