Angling Direct raising funds to accelerate growth

Specialist fishing tackle and equipment retailer Angling Direct is to raise £20m to accelerate the rollout of its stores in the UK and to significantly increase online sales domestically and in Europe.

The listed business is issuing 21,622,000 new ordinary shares as part of the placing, which it said was over-subscribed, with strong support from both new and existing institutional shareholders.

Since the company’s float in July 2017, a total of eight new stores have been opened bringing the total number to 23. An acceleration of physical store opening and investment online is now envisaged.

Approximately 20 new store openings are envisaged in the UK over the calendar years 2019 and 2020.

Website development, including the roll-out of native language sites in Europe, is also planned, alongside a European media and marketing plan.

Proceeds from the placing have also been earmarked to support the exploration of potential strategic MA opportunities; to increase the headcount across the business; and for general working capital and expansion of the Advanta product lines.

Alongside the placing, Angling Direct also announced that Stephen Moon, non-executive director, will be stepping down from the board from 23 January 2019. Another independent non-executive director is expected to be appointed by that time.

Angling Direct chief executive Darren Bailey said: “We are delighted with the level of support Angling Direct has received from its existing and new investors. The business has made excellent progress in the 15 months since joining AIM, with acquisitions completed, new stores opened, and revenue grown significantly.

“The new funds will allow Angling Direct to go to the next level, as we seek to extensively increase our UK footprint and expand into Europe through our successful online business.

“I would also like to take this opportunity to thank Stephen Moon for his contribution to the company. His advice and guidance has been highly valuable since Angling Direct became a public company, and we wish him the very best for the future.”