Specialist retailer netted in £3m deal
Fishing tackle retailer Angling Direct hopes it has landed a great catch after agreeing to pay £3.0m for Fosters of Birmingham.
Fosters has a 17,000 sq ft store in Witton and last year generated sales of £5.9m. Its operating profit in the year to March was £460,000.
Angling Direct already has stores in Willenhall and Halesowen among its 17 sites.
Darren Bailey, chief executive of Angling Direct, said: “Fosters is a long-established and very successful business with a loyal customer base and knowledgeable team.
“The acquisition will be earnings enhancing from day one and validates Angling Direct’s long-term strategy – to consolidate the fishing tackle market whilst expanding our business through acquisition.”
Fosters has been trading for more than 30 years and was owned by Richard, Mark and Gill Foster. Mark will remain with Fosters for a few weeks to ensure a smooth handover and Richard will continue to work in the business on a part time basis.
Corporate partner, Nick Dawson, and solicitor Matt Smith from the Birmingham office of Irwin Mitchell advised the shareholders of Fosters on the deal. Leathes Prior Corporate team members, Paul Warman, Alex Saunders and Nina Ryan advised Angling Direct.
