Fishing tackle retailer set for administration after failing to raise additional funding

Fishing tackle retailer Fishing Republic is set to appoint administrators after failing to raise enough funding to continue trading.

On 16 October, the Rotherham-headquartered business suspended trading its shares on the Alternative Investment Market after certain major shareholders were no longer willing to provide further short-term financial assistance.

Almost one month later, Fishing Republic revealed it was seeking to raise equity finance to fund its immediate and future working capital requirements.  

After failing to secure additional financial support, the company is now set to said file for administration, which is likely to be heard in court within the next several days.

It is expected that Leonard Curtis will be appointed as administrators.  

Administrators will also be appointed to Fishing Republic’s other 100% owned subsidiary, Fishing Republic Retail Limited.

The directors of the listed company and Leonard Curtis confirmed that no decision has yet been reached on whether it will be placed into administration.

Leonard Curtis has received indicative offers from parties interested in acquiring some or all of the Group’s assets.

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