Angling Direct ‘gearing up for growth’ despite redundancies
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The UK’s biggest retailer of fishing tackle is making a ‘small number’ of redundancies – but insists the move is not a cost-cutting exercise.
Instead, Norfolk-based Angling Direct, which operates 36 stores, says it is gearing up for further growth.
Between five and ten jobs will be cut, with a company spokesman telling the Norwich Evening News: “As part of a need to reorganise and strengthen certain areas of the business, Angling Direct has recently taken the difficult decision to make a small number of redundancies.
“The company is gearing itself for further growth and has made new hires at its head office and distribution centre to support this.”
Angling Direct trades on AIM – a sub market of the Stock Exchange for small and medium size growth companies – and earlier this year raised £5.5million in a share placing to help negotiate the COVID-19 pandemic.
Headquartered in Norwich, the firm opened ten new stores across the UK last year, including three acquisitions, but all stores were closed for more than three months during the pandemic. Chief Executive Andy Torrance said in the company’s annual report that online business had fulfilled increased orders.
“Longer term, we as a Board look forward to a time when greater certainty exists and we are able to deploy surplus capital to a number of exciting growth opportunities that we have identified,” added Torrance.