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Former CEO of supermarket giant backs Fishing Republic

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Sir Terry Leahy, who was in charge of UK supermarket giant Tesco at the height of its success, has bought shares in Fishing Republic.
↑ Fishing Republic Chairman, James Newman, has upped his stake in the UK tackle retailer.

The former boss of one of the UK’s biggest supermarket chains has become the latest shareholder in the fast-growing Fishing Republic.

Sir Terry Leahy has backed a £3.75 million placing that has been secured to support further expansion of the tackle retailer which joined the AIM Stock Exchange last year. The money will be used to develop its online platform and digital strategy and to support further store openings, including acquisitions. Leahy was CEO of the Tesco chain from 1997 to 2011 during which time he established the retailer as the number one in the UK as well as growing the group internationally.

The new shareholders, who include prominent businessman Leahy, Bill Currie and Iain MacDonald, will have a combined shareholding of 15.9%. In addition, James Newman, the company’s Chairman, has increased his stake.

“I am delighted to announce our successful share placing to raise £3.75 million gross. It was heavily oversubscribed, well supported by existing investors and we are also pleased to welcome a number of new investors, including Sir Terry Leahy, Bill Currie and Iain MacDonald,” said Newman.

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