Gi­ant tackle chain on brink of sink­ing

Fish­ing Repub­lic Emer­gency fund­ing sought 14 su­per­stores and 100 jobs

Anglers Mail - - Front Page -

TACKLE shop chain Fish­ing Repub­lic is seek­ing emer­gency fund­ing to stay afloat.

The com­pany, one of only two tackle re­tail PLCs, has warned that if it fails to raise ad­di­tional fund­ing, it could put an end to the group’s abil­ity to trade, putting over 100 jobs in jeop­ardy.

The com­pany’s shares were sus­pended from trad­ing on the Lon­don Stock Ex­change AIM mar­ket in Oc­to­ber after cer­tain ma­jor share­hold­ers an­nounced that they were no longer pre­pared to pro­vide fi­nan­cial as­sis­tance to the group.

Since then, it has been work­ing with its ad­vi­sors to as­sess a num­ber of op­tions for the fu­ture.

In an up­date re­leased to the Lon­don Stock Ex­change, Fish­ing Repub­lic said: “The com­pany is cur­rently seek­ing to raise eq­uity fi­nance to fund its im­me­di­ate and fu­ture work­ing cap­i­tal re­quire­ments.

“If this fails to raise suf­fi­cient eq­uity fi­nance, and no other fund­ing be­comes avail­able, there will be a sig­nif­i­cant doubt as to the group’s abil­ity to con­tinue to trade.”

It added that the group con­tin­ues to trade only with the short-term sup­port of key cred­i­tors. A fur­ther an­nounce­ment is ex­pected be­fore the end of the month.

Daniel Quinn was due to start his role as the new chief ex­ec­u­tive on Oc­to­ber 17, but said he would now post­pone join­ing the com­pany, leav­ing its cur­rent boss and former ex­ec­u­tive chair­man James New­man to hold the fort.

Quinn, who has pre­vi­ously worked at JD Sports and Tesco, was ap­proached by former Tesco boss Sir Terry Leahy, who owns a 9.3 per cent stake in Fish­ing Repub­lic, in an at­tempt to turn their for­tunes around.

The re­tailer posted a pre-tax loss of £2.5 mil­lion in Septem­ber, up from a £117,544 loss a year ear­lier.

The com­pany floated on the AIM stock ex­change in

2015, rais­ing mil­lions to help carry out its ex­pan­sion plans. How­ever, turn­around plans were re­quired dur­ing 2017 to tackle “a sig­nif­i­cant de­te­ri­o­ra­tion in trad­ing.”

Re­port­ing its in­terim re­sults

Hap­pier times for Fish­ing Repub­lic at the Lon­don Stock Ex­change. They have now hit ma­jor fund­ing prob­lems.

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