Angling Direct secures £5.5m funding following share placing
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Angling Direct, one of Europe’s biggest fishing tackle retail chains, has secured £5.5m through a successful share placing.
The company, which opened the doors at its 36 bricks-and-mortar stores to fishermen across England yesterday, will use the funding to help it through the COVID-19 crisis and to pay suppliers to secure products during what it believes will be a period of high demand.
Its CEO, Andy Torrance, said: “We are delighted with the strong support received from our existing shareholders and welcome new investors onto the register. Whilst COVID-19 has presented many uncertainties, Angling Direct has demonstrated its resilience as a business with e-commerce operations continuing to outperform to cater for the increased demand from loyal customers.
“In the immediate term, the proceeds of the fundraise will be used to strengthen the group’s balance sheet and secure product ahead of the high levels of customer demand we anticipate over the coming months.
“Longer-term, the 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.”