Fishing Republic nets £1.5m
Shares in Fishing Republic are due to start trading on Thursday, valuing the company at about £3.6m. The float proceeds will be used to pursue acquisitions and develop its online presence.
Chief executive Steve Gross said: “No-one to my knowledge has tried to consolidate the fishing tackle market before and my aim is to do just that. We have the benefit of first-mover advantage, a wide knowledge of both the retail and wholesale fishing tackle marketplace and staff who are passionate about fishing.”
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Hide AdAccording to industry figures, there are about 2,500 specialist fishing tackle retailers in the UK and the retail value of the angling trade in 2011 was £541m.
Fishing Republic generates almost half its sales online via its own and third-party websites.