Fishing retailer tackles turnaround plan as hunt for CEO begins

The turnaround plan at Fishing Republic has been boosted by buoyant Christmas sales as it casts its net for a permanent chief executive.

Interim chief executive Chris Griffin is to leave the company having completed the strategic review, as the Rotherham-based company said a number of organisational and operational changes are now underway.

The news follows the company’s announcement in November that it had seen a “significant deterioration in trading” with a 13% decline in like-for-like sales in October, leading to  its CEO Steve Gross stepping down and replaced by Griffin as acting chief executive.

Fishing Republic said trading in the final months of 2017 was in line with management expectations after successful Black Friday and Christmas online sales campaigns.

It said it expects revenues for the year to be around £9m although, as previously stated, the company will record an overall loss for the period.

The company said: “Having completed this important project, Chris has now stepped down from his role as acting CEO and will be leaving the company. The board would like to thank Chris for the valuable work he has completed, especially in assembling an experienced new senior management team, and wishes him well in the future.

“The board has commenced a recruitment process for a permanent CEO and, in the interim period, chairman James Newman will assume the role of executive chairman and will continue to oversee the operational changes.”

Fishing Republic expects to publish full year results in mid-April when a further update on trading will also be provided.