Angling Direct PLC (LON:ANG) has acquired fishing tackle retailer Erics Angling Centre for £1.1mln as it continues to consolidate the angling market.
Erics owns two physical stores in “strong angling communities” in Farlows Lake, near Slough, and in Leeds as well as an online wing, all of which have been taken over by the AIM-listed fishing retailer.
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Following the integration of Erics, Angling Direct will have 31 stores in England, having said earlier this month that it expected to increase its portfolio to 34 by the end of the financial year.
Angling Direct said it plans to rebrand and re-stock the Farlows Lake store, meanwhile it will merge the Leeds shop with Angling Direct’s recently-opened store at Leeds’ City South Retail Park, which it hopes will accelerate the store’s progress by consolidating the local retail offering.
Darren Bailey, Angling Direct’s chief executive said Erics is a “premium business” and that the company looks forward to welcoming its “thousands of regular customers”.
Bailey said: “Our strategy is to consolidate this highly fragmented market, delivering economies of scale and broadening our access to new customers through an increased retail footprint.”
He also added that he expects the acquisition to benefit Angling Direct’s trading performance “over both the short and medium term".