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Sunday 22 September 2019

Fishing Republic future in doubt as it races for funding

There is ‘significant doubt’ over the company’s future without fresh capital.

The company has faced tough competition in the angling retail market (PA)
The company has faced tough competition in the angling retail market (PA)

By Alys Key, Press Association City Reporter

Retailer Fishing Republic warned on Monday that its future is in “significant doubt” as it scrambles for emergency funding, jeopardising more than 100 jobs.

The company, which has 14 stores across the UK, is attempting to raise enough money to cover its immediate and future costs after major investors pulled their backing from the business.

However, it said in a stock market update that without sufficient funding, there would be “significant doubt” over its ability to continue trading as a going concern.

A further announcement will be made by the end of November.

The company employs about 115 people, mostly part-time staff.

Shares in the company, which is listed on London’s junior market, remain suspended following an October announcement warning that major investors had pulled their support.

Following the suspension, it was announced that incoming chief executive Daniel Quinn, a former GO Outdoors commercial director, would no longer take up the role.

At the end of September, the company saw interim pre-tax losses widen £2.5 million from £117,544 after revenue fell to £3.4 million from £4.1 million.

The group said that sales “have been significantly affected by strong competitive pressures”.

Its main rival Angling Direct, which also trades on the Alternative Investments Market (AIM), has expanded aggressively this year and now has 24 stores.

Shares in Angling Direct were 2.3% higher on Monday morning.

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