Fishing Republic continues growth
Rotherham-based Fishing Republic has this morning reported progress with its growth strategy to build destination stores and its online presence.
The firm opened five new stores in the first half of the year and two more which opened in August, total store estate now stands at 19. This led to its store sales up 83% to £3.17m with like-for-like sales up 21%.Revenues up 64% to £4.09m (2016: £2.50m)
This included the opening of ‘destination’ stores in Milton Keynes, Ipswich, Reading, Kings Lynn, Clavering Lakes in Essex, Gloucester and Huntingdon.
The company’s website sales were up 140% and accounted for 57% of all online sales (2016: 29%)
James Newman, chairman, said: “Fishing Republic continues to deliver on its ambitions to materially expand its presence, both physically and online, in the fishing tackle marketplace.
“The opportunity for Fishing Republic to establish a dominant position in its highly fragmented sector is exciting and the Group remains very well-positioned for ongoing growth, both in store and online.”
Steve Gross, CEO, commented: “I am delighted with the progress we have made so far this year. We have continued with the expansion of our ‘destination’ store network, opening five new stores in the period with a further two opened in August. Our estate now stands at 19 stores and covers new geographic regions, including South East Midlands and East Anglia, which will also help to support our online strategy.
“We remain excited about the opportunity for consolidation, given the fragmented nature of the sector, and continue to consider complementary acquisitions, as well as organic growth opportunities.”
