Angling Direct PLC Acquisition of North West Angling and Tacklesaver (6197W)
November 16 2017 - 2:00AM
UK Regulatory
TIDMANG
RNS Number : 6197W
Angling Direct PLC
16 November 2017
16 November 2017
Angling Direct plc
("Angling Direct" or the "Company")
Acquisition of North West Angling and Tacklesaver
Angling Direct Plc (AIM: ANG.L), the largest specialist fishing
tackle and equipment retailer in the UK, is pleased to announce
that it has acquired the stock and goodwill of North West Angling
Centre ("NWAC") and Tacklesaver for a total consideration of
GBP450,000 payable in cash, plus stock at valuation.
The Directors believe that the total consideration values the
businesses at approximately 3.5 times annual profits / EBITDA,
taking into account the economies of scale and best practices that
the Company will implement upon acquisition. In the year to 31(st)
March 2017, NWAC and Tacklesaver generated revenues of c.GBP1.8
million.
From a converted former church, NWAC has traded as one of the
country's largest angling superstores for over 30 years, supplying
a vast range of fishing tackle and bait from leading manufactures.
NWAC is located in Hindley, near Wigan, and the store is easily
accessible from the M6 or M1 and only three miles from Wigan.
Tacklesaver, formally known as "Trevs of Wilmslow" and
re-located to Handforth, Wilmslow, caters for all disciplines of
anglers. The 5000 sq ft store is easily accessible from the M56 and
located very close to Manchester airport. In addition to the
excellent locations, both branches offer free car parking.
These latest acquisitions increase Angling Direct's presence in
the North West of the country and takes the total number of Angling
Direct stores to 20, with more opening shortly.
Darren Bailey, CEO of Angling Direct, commented: "Both North
West Angling Centre and Tacklesaver are long-established and very
successful business with a loyal customer base and knowledgeable
team. The acquisition will be earnings enhancing from day one and
validates Angling Direct's long-term strategy - to consolidate the
fishing tackle market whilst expanding our business through
acquisition into new areas of the country with a strong angling
demographic."
"Angling Direct continues to trade strongly and in line with the
Board's expectations. We look forward to working closely on the
integration and development of the newly acquired stores and expect
them to improve their contribution to the Company's positive
trading outlook over the coming months."
For further information:
Angling Direct PLC +44 (0) 1603 258658
Martyn Page, Executive Chairman
Darren Bailey, Chief Executive
Officer
Cenkos Securities - NOMAD and
Broker +44 (0) 20 7397 8900
Bobbie Hilliam (Corporate Finance)
Russell Kerr (Sales)
Yellow Jersey PR - Financial PR
Charles Goodwin +44 (0) 7747 788 221
Harriet Jackson
Katie Bairsto +44 (0) 7544 275 882
"This announcement contains inside information."
Notes for editors
About Angling Direct plc
Angling Direct is the largest specialist fishing tackle retailer
in the UK. The Company sells fishing tackle products and related
equipment through its network of 20 retail stores, located
throughout the UK, as well as through its own website
(www.anglingdirect.co.uk) and other third party websites.
The Company currently sells over 21,500 fishing tackle products,
including capital items, consumables, luggage and clothing. The
Company also owns and sells fishing tackle products under its own
brand 'Advanta', which was formally launched in March 2016.
From 1986 to 2003 the Company's Founders acquired interests in a
number of small independent fishing tackle shops in Norfolk and, in
2003, they acquired a significant premises in Norwich, which was
branded Angling Direct. Since 2003, the Company has continued to
acquire or open up new stores, taking the total number up to 20
retail stores. In 2015 the Company opened a 30,000 sq ft central
distribution centre in Rackheath, Norfolk, where the Company's head
office is also located.
Angling Direct's shares are traded on the AIM market of the
London Stock Exchange under the ticker symbol ANG.L.
For further information, please visit
www.anglingdirect.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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