London Stock Exchange welcomes Angling Direct
Angling Direct plc, the largest fishing tackle and equipment retail Company in the UK, today joins AIM.
The angling retailer, which sells fishing tackle and equipment though 15 UK destination stores and online via its own website and other third party websites, has reeled in £9 million in an oversubscribed placing at 64p, giving it a market capitalisation of £27.4 million on Admission.
Angling Direct currently sells over 21,500 fishing tackle products, including its own brand Advanta products, through its stores and its database of 235,000 customers.
Joining AIM will provide Angling Direct with the necessary funds to continue with its growth plans and to achieve its immediate goal to become a £50 million plus revenue generating business. The Group is looking to acquire further independent stores, as well as roll out new stores in areas with a proven demand for fishing tackle and equipment. Angling Direct will also continue to develop it’s website in order to further strengthen online sales.
Darren Bailey, CEO of Angling Direct plc, comments: ‘‘We are delighted that Angling Direct today joins AIM. This is a significant transition for the Company as we seek to accelerate growth, namely through enhancing the Company’s e-commerce platform and rolling out further destination stores.
‘‘Ever since the business was founded, it has been our intention to enhance people’s lives through fishing, and to support and encourage new and returning anglers to the sport. We hope that the expansion of our brand will enable us to achieve this’’.
To find out more about Angling Direct, and to start your investment journey with us, visit www.anglingdirect.co.uk