Fishing Republic hooks £1.5m investment

FISHING REPUBLIC, the specialist retailer started by chief executive Steve Gross as a schoolboy 30 years ago, will raise £1.5m when it floats on the Alternative Investment Market on Thursday.

Now with seven stores and two online shops, the Rotherham-headquartered company will have a market capitalisation of £3.6m.

Miton Capital Partners is the largest new investor, putting in £500,000 to acquire 14%.

Mr Gross and his wife, and operations director, Zoe, will hold 46.6% of the enlarged share capital – worth £1.66m – while his father John will hold 5.7% and brother-in-law Paul 5.2%.

“Fishing has been my hobby since the age of five, when I used to go fishing with my father at Ladybower reservoir in Derwent valley in Derbyshire,” said Mr Gross. “I started fly-tying when I was about seven and then set up a fly-tying business aged 13. Since then I haven’t looked back and fishing and the business of selling fishing tackle have remained my passions.

“No one to my knowledge has tried to consolidate the fishing tackle market before and my aim now is to do just that. I see an exciting opportunity to build Fishing Republic into a significant market presence. We have the benefit of first-mover advantage, a wide knowledge of both the retail and wholesale fishing tackle marketplace and staff who are passionate about fishing.

“The company’s admission to AIM is the first step into a new phase of development for the business. Fishing is an activity for all generations and I’d like to see Fishing Republic play its part in getting more people into this wonderful and growing sport.”

Three years after starting Stephen Gross Flies as a 13-year-old, it moved into its first premises in Mexborough, Rotherham, and in 1991 he incorporated the business. It opened its first retail outlet in 1999 and in 2005 launched its first store branded as Fishing Republic in Barnsley, followed a year later by Manchester and Hull.

It now has seven stores across the North of England, including five in Yorkshire, while it plans to expand into Birmingham and elsewhere.

It is also looking to lead on a consolidation in the sector by acquiring other fishing tackle retailers and said it “is considering various acquisition opportunities”.

The company’s non-executive chairman James Newman is also chairman of Sheffield City Region LEP.

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