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Fishing Republic reels in £3.75mln through placing

The fishing equipment specialist has raised £3.75mln as it looks to expands its market presence

fishing rod, boots, bait
Fishing Republic stocks everything from rods to boots

Fishing tackle retailer Fishing Republic PLC (LON:FISH) has raised £3.75mln through a share placing as it looks to build a significant market presence in what it calls a “highly fragmented” sector.

The company offered 10.7mln new shares at 35p, a slight discount on this morning’s opening price.

The placing was “heavily oversubscribed” the firm said, with new investors like former Tesco chief executive Sir Terry Leahy participating.

"We will be using the net proceeds of the placing to implement our growth strategy,” said chief executive Steve Gross.

“Our long term goal is to consolidate the fishing tackle marketplace and build a significant market presence and we remain very positive about the opportunity for us to do so." 

As part of this growth strategy, the company plans to spend the money on developing its online platform, as well as supporting new store openings and potentially funding some acquisitions.

As a result of the placing, the stakes of significant shareholders have changed slightly, with Gross now holding 24% of the total shares issued.

Shares were down 4.25p, or 10%, to 38.25p.

Quick facts: Fishing Republic

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Market: AIM
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