LONDON (Alliance News) - Fishing Republic PLC said Monday it has raised GBP500,000 in a share placing, as it agreed to acquire Cotswold Angling and announced plans to open a new store in Crewe.
Additionally, the company has appointed Russell Holmes as its finance director, succeeding Robert Tippett from the beginning of next year.
Fishing Republic has bought FishXL Ltd, which trades as Cotswold Angling, for GBP170,000 in cash. The company's co-founder and director Trevor Gunning will join the senior management team of Fishing Republic as a regional operations manager.
The company said it will use the funds raised in the placing to support its expansion. It has placed 3.1 million shares at a price of 16 pence each. Shares in Fishing Republic are untraded Friday morning; they last closed at 17.00 pence.
"I am delighted to announce Fishing Republic's first acquisition since we joined AIM in June and the planned opening of a new store in Crewe. The acquisition of Cotswold Angling establishes our presence in the South of England while the new outlet at Crewe complements our existing store network in the North of England. Both outlets readily fit our 'destination store' model, which is designed to attract fishermen from a wide area," said Chief Executive Steve Gross in a statement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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