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New CEO appointed to turn around Fishing Republic fortunes

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

UK retailer, Fishing Republic, which announced a £1.4m loss in the first half of the year, has recruited Dan Quinn from GO Outdoors to help turn the company around.

Quinn has been appointed CEO and will take up his duties on October 17. For the last six years he has been Commercial Director of GO Outdoors, one of the UK’s largest retailers of outdoor clothing, equipment and fishing tackle. He also worked for Tesco for over 20 years where he held a number of senior positions both in the UK, Asia and central Europe.

The appointment comes during what the north east of England company describes as a year of transition and a ‘very difficult trading backdrop’ which saw revenues drop from £4.1m to £3.4m, partly reflected by the closure of five underperforming stores.

James Newman, Chairman of the group, said: “Following a comprehensive review of the group’s operations, we have taken firm action in the first six months of the financial year to stabilise the business and to implement changes and improve its performance.

“The restructuring of the business was undertaken against very difficult trading conditions – so it has been a particularly challenging period. While the sales environment continues to be tough, with strong competitive pressures, our major shareholders have supported our plans and we remain confident of the prospects for the business as we navigate through the current challenges.

“We are pleased to welcome Dan Quinn as Chief Executive Officer. He shares the Board’s vision that there is a significant opportunity for the group to build its presence as a multi-channel retailer of fishing tackle and equipment.”

Quinn added: “I am looking forward to joining Fishing Republic and working with the team to drive both a recovery of the group’s financial performance and establish a long-term growth plan aimed at positioning it as a multi-channel leader in the sector.

“As much as there are challenges to be overcome, there are also some very clear short-term opportunities to materially improve performance. We will be focusing on those as well as long-term strategy over the coming months. With a strong team and the continued support of shareholders and suppliers, I am confident of our future success.”

 

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