Angling Direct, the largest specialist fishing tackle and equipment retailer in the UK, is pleased to announce that it has acquired fishing tackle retailer Chapmans Angling for a total consideration of £1.40 million payable in cash and includes stock at valuation.
- Chapmans Angling, which caters for all types of fishing, has two stores (Scunthorpe and Hull) which both benefit from a strong angling community and a regular customer base
- The 4,000sq ft Scunthorpe store is located five mins from the M181 in Ashby, Scunthorpe, and has over 13,000 product lines.
- The Hull store, which is 6,500sq ft, is located 5 mins from the M62 and the Humber bridge and has over 18,000 product lines.
- In the year to 30 April 2018, Chapmans Angling generated revenue of over £3 million and profit before tax of £43,000.
- With the acquisition including approximately £1.1 million of stock, the directors believe that the total consideration values the Chapmans Angling business at approximately three times average annual profits for the last three years. The directors are looking forward to capitalising on the benefits that they expect to come from the economies of scale and best practises that Angling Direct will implement upon acquisition.
This latest acquisition will extend Angling Direct’s reach into the North East of England, taking the total number of Group stores to 26.
Darren Bailey, CEO of Angling Direct, commented: “Chapmans Angling is a high quality business which will give Angling Direct a strong foothold in the North East of England. The Group will continue to provide the very best level of service across both stores, with Chapmans’ online distribution moving south to Angling Direct’s main distribution centre in Norfolk.”