Search

Angling Direct wants to open 20 more stores after raising £20m through share placing

PUBLISHED: 11:17 24 October 2018 | UPDATED: 16:03 24 October 2018

Angling Direct executive chairman, Martyn Page, right, and CEO Darren Bailey, at their Rackheath distribution centre. Picture: DENISE BRADLEY

Angling Direct executive chairman, Martyn Page, right, and CEO Darren Bailey, at their Rackheath distribution centre. Picture: DENISE BRADLEY

Archant

Growing fishing tackle retailer Angling Direct is set to turbo-charge its expansion plans after raising £20m from investors.

One of Angling Direct's existing stores, on Aylsham Road in Norwich. Picture: Sonya Duncan.One of Angling Direct's existing stores, on Aylsham Road in Norwich. Picture: Sonya Duncan.

The company has issued 21.6 million new shares to institutional investors, with the cash injection used to accelerate the roll-out of Angling Direct stores in the UK and “significantly increase” online sales in this country and Europe.

Directors at the company - which started out as a single fishing tackle shop in Wroxham in 1986 and now has its head office at Rackheath - want to open around 20 new stores by 2020, develop foreign-language websites to boost European sales, and drive up marketing efforts across the continent.

They also want the cash to be able to take advantage of merger and acquisitions activity, take on new staff across the business and for general working capital.

Since the company floated on the AIM in July 2017, it has opened eight new stores and taken its portfolio to 23.

MORE: Five things we learned from Angling Direct’s interim results

Angling Direct’s chief executive Darren Bailey said: “We are delighted with the level of support Angling Direct has received from its existing and new investors. The business has made excellent progress in the 15 months since joining AIM, with acquisitions completed, new stores opened, and revenue grown significantly.

“The new funds will allow Angling Direct to go to the next level, as we seek to extensively increase our UK footprint and expand into Europe through our successful online business.”

The company also announced on Wednesday that non-executive director Stephen Moon would step down from the board in January 2019.

MORE: Angling Direct: The Norfolk success story that has gone from one shop to a £27.4m stock market flotation

Other popular content

Yesterday, 23:32

A 95-year-old died of hypothermia and pneumonia after both boilers failed in a Norfolk care home, where residents had to rely on temporary heaters and hot water being carried in jugs.

Wednesday, December 12, 2018

A drink driver who was caught on the first day of the annual festive crackdown almost five times the limit has been jailed.

Friday, November 16, 2018

A north Norfolk farmer is warning of the risks dogs pose to farm animals after one of his sheep had its throat ripped open in a savage attack.

Saturday, December 15, 2018

Firefighters helped rescue a cat which was stuck on a roof in north Norfolk.

Most Read

Yesterday, 23:32

A 95-year-old died of hypothermia and pneumonia after both boilers failed in a Norfolk care home, where residents had to rely on temporary heaters and hot water being carried in jugs.

Read more
Care Quality Commission
Wednesday, December 12, 2018

A drink driver who was caught on the first day of the annual festive crackdown almost five times the limit has been jailed.

Read more
Norwich Magistrates Court
Friday, November 16, 2018

A north Norfolk farmer is warning of the risks dogs pose to farm animals after one of his sheep had its throat ripped open in a savage attack.

Read more
Saturday, December 15, 2018

Firefighters helped rescue a cat which was stuck on a roof in north Norfolk.

Read more
Saturday, December 15, 2018

Wroxham Bridge was closed after a crash - the second time in the space of two days it has been shut following a collision.

Read more
Norfolk police

Local Weather

Partly Cloudy

Partly Cloudy

max temp: 8°C

min temp: 5°C

Hot Jobs

Show Job Lists

Digital Edition

Image
Read the North Norfolk News e-edition today
E-edition

Newsletter Sign Up

North Norfolk News weekly newsletter
Sign up to receive our regular email newsletter

Our Privacy Policy