UK retailer went into administration owing nearly £1/4m
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Fishing Republic, one of the UK’s major retailers of tackle, went into administration just before Christmas last year owing an estimated £240,000, according to its administrators.
It has also been revealed that GO Outdoors, part of the JD Sports Fashion group, paid £900,000 in full to acquire the business, covering goodwill, intellectual property and stock. All 111 employees of Fishing Republic transferred to the new company.
At the time of its administration Fishing Republic operated from 14 stores, mostly situated in the north of England, with stock supplied from its Rotherham distribution centre.
The group reported trading losses of about £2.2m in 2017 and £2.5m in 2018 despite the implementation of a turnaround plan and cash injections of £1.3m and £500,000. In October its shares on the AIM, a sub market of the London Stock Exchange, were suspended as the group sought clarification of its financial position after a number of major shareholders were no longer willing to provide further short-term financial help.
Fishing Republic was founded in Rotherham, Yorkshire, in 1985 as Stephen Gross Flies. It floated on the AIM in 2015.