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Fishing Republic issues warning over future

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Fishing Republic has appointed an administrator after failing to raise funding to keep the business afloat.

One of the UK’s leading fishing tackle chains has warned that if it fails to raise additional funding, it could affect the group’s ability to trade.

The shares of Fishing Republic were suspended from trading on the London Stock Exchange AIM market in October after certain major shareholders announced that they were no longer prepared to provide financial assistance to the group. Since then, it said, it has been working with its advisors to assess a number of options for the future of the group.

In an update released to the Stock Exchange on Friday, it said: “The company is currently seeking to raise equity finance to fund its immediate and future working capital requirements. If the company fails to raise sufficient equity finance and no other funding becomes available, there will be a significant doubt as to the group’s ability to continue to trade as a going concern.”

It added that the group continues to trade only with the short-term support of key creditors. A further announcement is expected before the end of the month.

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