Business
Acquisition of North West Angling and Tacklesaver
Acquisition of North West Angling and Tacklesaver.
About this update from Angling Direct Plc
[{"type":"text","content":"\n \nRNS Number : 6197W Angling Direct PLC 16 November 2017 \n\n16 November 2017 \n \nAngling Direct plc\n(\"Angling Direct\" or the \"Company\")\n \nAcquisition of North West Angling and Tacklesaver\n \nAngling Direct Plc (AIM: ANG.L), the largest specialist fishing tackle and equipment retailer in the UK, is pleased to announce that it has acquired the stock and goodwill of North West Angling Centre (\"NWAC\") and Tacklesaver for a total consideration of £450,000 payable in cash, plus stock at valuation.\n \nThe Directors believe that the total consideration values the businesses at approximately 3.5 times annual profits / EBITDA, taking into account the economies of scale and best practices that the Company will implement upon acquisition. In the year to 31st March 2017, NWAC and Tacklesaver generated revenues of c.£1.8 million.\n \nFrom a converted former church, NWAC has traded as one of the country's largest angling superstores for over 30 years, supplying a vast range of fishing tackle and bait from leading manufactures. NWAC is located in Hindley, near Wigan, and the store is easily accessible from the M6 or M1 and only three miles from Wigan.\n \nTacklesaver, formally known as \"Trevs of Wilmslow\" and re-located to Handforth, Wilmslow, caters for all disciplines of anglers. The 5000 sq ft store is easily accessible from the M56 and located very close to Manchester airport. In addition to the excellent locations, both branches offer free car parking.\n \nThese latest acquisitions increase Angling Direct's presence in the North West of the country and takes the total number of Angling Direct stores to 20, with more opening shortly.\n \nDarren Bailey, CEO of Angling Direct, commented: \"Both North West Angling Centre and Tacklesaver are long-established and very successful business with a loyal customer base and knowledgeable team. 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.\" \n \n\"Angling Direct continues to trade strongly and in line with the Board's expectations. We look forward to working closely on the integration and development of the newly a...