Search Share Prices
Angling Direct buys Preston-based Ted Carter Fishing Tackle
AIM-listed fishing and tackle and equipment retailer, Angling Direct, has bought Ted Carter Fishing Tackle for £125,000 in cash plus stock at valuation.
Situated in Preston near key angling venues, the company generated revenues of around £1.2m in the year to the end of March 2018. The store is approximately 3,000 sq ft with a range of angling equipment covering all disciplines of fishing. It will be re-branded once the deal goes through as Angling Direct Preston.
Chief executive officer Darren Bailey said: "Ted Carter Fishing Tackle is a very well established and successful business, with a loyal customer base and knowledgeable team. We expect the acquisition will be earnings enhancing from day one and validates Angling Direct's long-term strategy - to consolidate the fishing tackle market whilst expanding our business through acquisition into new areas of the country with a strong angling demographic."
Nick Carter, managing director of Ted Carter, said: "We are delighted that a well-established business, with similar values to ours, will be taking over Ted Carter. Like us, Angling Direct is committed to providing a best-in class service to all customers and this deal will transform the future prospects for both Ted Carter and its employees.
"Angling Direct has an exceptional track record and, having seen how it cares for its customers and staff, we feel that they are by far the best operator to take the business forward."
The acquisition will increase Angling Direct's presence in the North West of the country, with other stores to follow soon. It takes the total number of destination stores to 22.
At 1020 BST, the shares were up 1.7% to 106.76p.