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 £450,000 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 31st March 2017, NWAC and Tacklesaver generated revenues of c.£1.8 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:
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Angling Direct PLC |
+44 (0) 1603 258658 |
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Martyn Page, Executive Chairman |
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Darren Bailey, Chief Executive Officer |
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Cenkos Securities - NOMAD and Broker |
+44 (0) 20 7397 8900 |
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Bobbie Hilliam (Corporate Finance) Russell Kerr (Sales) |
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Yellow Jersey PR - Financial PR |
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Charles Goodwin |
+44 (0) 7747 788 221 |
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Harriet Jackson Katie Bairsto |
+44 (0) 7544 275 882 |
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"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
