Fishing tackle retailer acquired by rival in £1.4m deal

Angling Direct, the largest specialist fishing tackle and equipment retailer in the UK, has completed the acquisition of fishing tackle retailer Chapmans Angling in a deal worth £1.4m.

Chapmans Angling operates a 4,000 sq ft store in Scunthopre, and a 5,600 sq ft outlet in Hull.

For the financial year ending 30 April 2018, Chapmans Angling generated revenue of over £3m and pre-tax profits of £43,000.

With the acquisition including approximately £1.1m of stock, directors of Angling Direct believe that the total consideration values the Chapmans Angling business at approximately three times average annual profits for the last three years.

This deal extends Angling Direct’s reach into the North East of England, taking the total number of Group stores to 26.

Darren Bailey, CEO of Angling Direct, said: “Chapmans Angling is a high quality business which will give Angling Direct a strong foothold in the North East of England.

“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, Owner of Chapmans Angling, added: “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.”