Angling Direct plc (LON:ANG), the largest specialist fishing tackle and equipment retailer in the UK, has reeled in Preston-based Ted Carter Fishing Tackle.
Angling Direct will pay a total of £125,000 in cash plus the cost of the stock of Ted Carter.
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The directors of Angling Direct believe the total consideration values the business at roughly two times annual profits, taking into account the economies of scale and best practices the company will implement upon acquisition.
In the year to the end of March 2017, Ted Carter Fishing Tackle generated revenues of around £1.2mln.
This latest acquisition will increase Angling Direct's presence in the north-west of England and takes the total number of its destination stores to 22, with more to follow.
"Ted Carter Fishing Tackle is a very well established and successful business, with a loyal customer base and knowledgeable team,” said Darren Bailey, the chief executive officer of Angling Direct.
“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," he added.