Rotherham-headquartered Fishing Republic to open Crewe store

Fishing tackle retailer Fishing Republic is set to launch a new store in Crewe as part of its ongoing expansion strategy.

The firm will support the opening with £500k raised through a placing of shares.

The announcement coincides with the Rotherham-headquartered company’s acquisition of FishXL Limited, a retailer trading as Cotswold Angling.

Discussing the expansion, Fishing Republic CEO Steve Gross said: “I am delighted to announce Fishing Republic’s first acquisition since we joined AIM in June and the planned opening of a new store at Crewe.

“The acquisition of Cotswold Angling establishes us with a presence in the South of England while the new outlet at Crewe complements our existing store network in the North of England. Both outlets readily fit our ‘destination store’ model, which is designed to attract fishermen from a wide area.”

He continued: “Our aim is to build a substantial presence in a market which is highly fragmented, and we will continue to look for further opportunities to expand our geographic footprint while also building our online offering.”

Walker Morris, the Leeds-based law firm, supported Fishing Republic on the share placing and acquisition.

Richard Naish, a partner at Walker Morris, commented: “Fishing Republic is a much loved brand and an extraordinary story of entrepreneurship led by its CEO Steve Gross.

“The group has grown to become one of the leading fishing tackle retailers in the UK and this latest fund raising and acquisition will help the company to realise its growth ambitions.”

He continued: “The deal comes at the end of a very busy year of stock market activity with our Corporate Team advising on numerous public market placings.”

2015 has been a year of growth for Fishing Republic, which expanded into the West Midlands in November and relocated its Hull store to a new, larger property.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →