Angling Direct to establish European base next year
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The UK’s biggest tackle retailer, Angling Direct, is planning to establish a European base by next summer.
The move would reduce the company’s postage costs and speed up deliveries to its growing contingent of European customers.
It is also considering the idea of new build stores in some of its strongest trading regions like the Benelux, France and Germany.
The retailer, which is AIM-listed on the London Stock Exchange, already exports to 38 countries in Europe via its online store.
Online marketing is the fastest-growing part of its business in percentage terms and a European warehouse would fit with its ambitious expansion plans.
Angling Direct has 32 stores in the UK and plans to open 12 more, two of them by next month and 10 next year. In an exclusive interview with Angling International last year, CEO, Darren Bailey, said he saw no reason why his company should not have 50 UK stores.
Chairman, Martyn Page, said Angling Direct typically spends around £400,000 in opening a brand new store and within 18 months it would be producing £100,000 to £140,000 EBITDA•.
“Whilst we are getting that return and we get fully consolidated, why would we not open more stores?” he added.
The company’s recently announced half-year revenues leapt 33% year-on-year to £26.5m, with like-for-like sales up 14.9%. Pre-tax profits were down from £480,000 to £323,000 due to higher depreciation costs and continued investment in growth.
• Earnings before interest, tax, depreciation and amortization.