Fishing tackle retailer seeks to catch additional funding to secure future

Fishing tackle retailer Fishing Republic has issued a warning over its ability to continue to trade unless additional funding is raised.

On 16 October, the Rotherham-headquartered business suspended trading its shares on the Alternative Investment Market after certain major shareholders were no longer willing to provide further short-term financial assistance.

In this latest update, directors of the company have been working with its professional advisers to assess several different options for the future.

They announced that there remains “a material uncertainty regarding the group’s financial position” as its continues to trade with the short-term support of key creditors.

Fishing Republic revealed it is currently seeking to raise equity finance to fund its immediate and future working capital requirements.  

However, if the company fails to raise sufficient equity finance and no other funding becomes available, there will be a “significant doubt as to the group’s ability to continue to trade as a going concern.”

Fishing Republic’s shares main suspended from trading on AIM and a further announcement will be made by the end of November.