Struggling Fishing Republic appoints administrator
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Fishing Republic, the struggling UK retail chain, has appointed an administrator after failing to raise funds to keep the company afloat.
The north of England business, which has 14 fishing tackle stores across the region, made the announcement last week to the London Stock Exchange.
The filing of the administration application triggers a moratorium preventing most creditor or third-party action against the company or its assets. The application is likely to be heard in court next week when Leonard Curtis Recovery is expected to be appointed as administrators.
Steps to do the same to the group’s other 100% owned subsidiary, Fishing Republic Retail, is likely to follow in due course. The statement added that the directors of the company and Leonard Curtis continue to explore options for Fishing Republic and no decision has yet been made on whether it will be placed in administration.
It added that it has received offers from other parties interested in acquiring some or all of the group’s assets.