Last checked at 10 Feb 2020 07:00
10 February 2020
Angling Direct plc
("Angling Direct" or the "Company")
Board Changes
Angling Direct plc (AIM: ANG.L), the largest specialist fishing tackle and equipment retailer in the UK, announces that after 17 years of leading the business, Darren Bailey has decided to step down from his role as CEO with immediate effect. Darren will remain on the Board as a Non-Executive Director. Andy Torrance, who joined the Company in October 2019 as a Non-Executive Director, has been appointed as the Company's new CEO.
Since joining Angling Direct in 2003, Darren has helped grow the Company's UK store network from 3 to 34 branches as well as overseeing the major expansion of Angling Direct's online offering. Darren guided Angling Direct through its successful AIM admission in 2017 and subsequent fundraising in 2018, which have enabled the business to double its UK store network and to launch dedicated native language websites for the German, French and Benelux markets, significantly enhancing the Company's European sales.
Andy Torrance has extensive experience working for brands with customer centric omni-channels and substantial European presence. Andy previously held Chief Operating Officer roles at Dunelm and Holland & Barrett and a number of executive roles during a 12-year period at Halfords.
Martyn Page, Executive Chairman, commented: "Both myself and the entire Angling Direct team are hugely grateful for everything Darren has done to make the business the success it is today. Whilst he feels it is the right time to pass on the baton, we are especially pleased he is remaining as a Non-Executive Director and valuable adviser to the Company.
"We are excited to have Andy Torrance as the Company's new CEO given his specialist retail sector and European scaling experience. Since joining the Board last year, he has shown great passion for, and understanding of, this specialist business and provided valuable advice and input on our growth strategy. As such, we believe he is the ideal person to take the business to the next level."
Outgoing CEO, Darren Bailey, commented: "It has been a huge pleasure to lead such a fantastic and passionate business, driven by dedicated staff and together establishing Angling Direct as a European brand. Importantly, our customers and our work to promote the awareness of fishing have remained at the heart of Angling Direct's culture throughout, which has been integral to our success. I am looking forward to supporting Andy and the business as a Non-Executive and shareholder."
Incoming CEO, Andy Torrance, commented: "I am delighted to be taking over as CEO of Angling Direct. Darren and his team have done an excellent job at rapidly building our brand, both online and through store expansion. I am looking forward to consolidating that base and leading the business into the next phase of our exciting growth plans."
For further information:
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Angling Direct PLC |
+44 (0) 1603 258658 | ||
| Martyn Page, Executive Chairman | |||
| Andy Torrance, Chief Executive Officer | |||
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Cenkos Securities - NOMAD and Broker |
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| Stephen Keys (Corporate Finance) Russell Kerr (Sales) | +44 (0) 207 3978926 | ||
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| Yellow Jersey PR - Financial PR | |||
| Charles Goodwin | +44 (0) 7747 788 221 | ||
| Georgia Colkin Annabel Atkins | |||
Notes for editors
About Angling Direct plc
Angling Direct is the largest specialist fishing tackle retailer in the UK. The Company sells fishing tackle products and related equipment through its network of retail stores, located throughout the UK, as well as through its own website (www.anglingdirect.co.uk) and other third-party websites.
The Company currently sells over 21,500 fishing tackle products, including capital items, consumables, luggage and clothing. The Company also owns and sells fishing tackle products under its own brand 'Advanta', which was formally launched in March 2016.
From 1986 to 2003 the Company's Founders acquired interests in a number of small independent fishing tackle shops in Norfolk and, in 2003, they acquired a significant premises in Norwich, which was branded Angling Direct. Since 2003, the Company has continued to acquire or open new stores, taking the total number up to 34 retail stores. In 2015 the Company opened a 30,000 sq ft central distribution centre in Rackheath, Norfolk, where the Company's head office is also located.
Angling Direct's shares are traded on the AIM market of the London Stock Exchange under the ticker symbol ANG.L.
For further information, please visit www.anglingdirect.co.uk