Fishing Republic raises £1.3 million for new business plan

Article Media Click images to enlarge +

UK-based retailer, Fishing Republic, has appointed Stephen Kyriacou as its Chief Operating Officer.

One of the UK’s top angling retailers, Fishing Republic, has raised £1.3 million to help it implement new measures following a recent review of the business.

The company will be using the investment, raised through the placing of 13,000,000 shares on the London Stock Exchange, to develop its e-commerce operations, logistics and merchandising activities. The money will also be used to provide additional working capital to accelerate the growth of online sales.

The northern England-based company announced changes to the Board which saw founder, Steve Gross, step down as CEO to be replaced on a temporary basis by Chris Griffin in November following a ‘significant deterioration’ in trading the month before. Griffin has since left the company after completing his remit and Fishing Republic is now looking for a new CEO.

James Newman, Chairman of Fishing Republic, said: “I am delighted to announce our successful fundraising of £1.3 million before expenses, which has been supported by both existing investors and a number of new shareholders.

“The proceeds of this placing will be used to implement our operational improvement plan under the new management team and provide us with the working capital needed to expand our online sales offering and distribution facilities.”