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Angling Direct, a public limited company, paid £1.4 million to Glasgow Angling Centre boss Paul Devlin for his two Chapmans Angling stores. The big deal includes stock.
Angling Direct will now have the 4,000 sq ft Chapmans Scunthorpe in north Lincolnshire with over 13,000 product lines.
And they also bought the larger Hull store in East Yorkshire, which is 6,500 sq ft, and has over 18,000 product lines.
In the financial year to April 30, 2018, Chapmans Angling generated revenue of over £3 million and profit before tax of £43,000.
An Angling Direct statement said: “With the acquisition including approximately £1.1 million of stock, the directors believe that the total consideration values the Chapmans Angling business at approximately three times average annual profits for the last three years.
“The directors are looking forward to capitalising on the benefits that they expect to come from the economies of scale and best practises that Angling Direct will implement upon acquisition.
Chapmans Angling “a high quality business”
Darren Bailey, CEO of Angling Direct, commented: “Chapmans Angling is a high quality business which will give Angling Direct a strong foothold in the North East.
“The group will continue to provide the very best level of service across both stores, with Chapmans’ online distribution moving south to Angling Direct’s main distribution centre in Norfolk.”
Paul Devlin said: “I would like to thank everyone who has worked for me during my 16 years as owner of Chapmans Angling.
“I have thoroughly enjoyed working with such talented and passionate people that have been instrumental in making Chapmans the success it is today.
“It wasn’t an easy decision for me to sell but Angling Direct’s vision is the perfect option for the future success of these two superb stores.
“The future of Glasgow Angling Centre is very bright,” added Paul.
Fishing Republic latest
Elsewhere, Britain’s second largest fishing chain, Fishing Republic, has announced new stock into their 14 superstores. The comeback follows financial hardship last year.
As reported in January, JD Sports who own Go Outdoors, saved Fishing Republic after they went into receivership and guaranteed the continuation of all existing stores and their staff.
A Fishing Republic statement said: “We’re back, with over £2,000,000 worth of stock available in store from your favourite brands, there’s no better time than now to shop with Fishing Republic!”
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