Fishing tackle retailer to fund expansion through flotation
A BUSINESS started by a 13 year-old boy in Rotherham has announced it is to float on the Alternative Investment Market.
Steve Gross, now 44, started what was to become retailer Fishing Republic specialising in the tying of flies and making fly tying materials for fishing tackle wholesalers.
Three years after starting Stephen Gross Flies, it moved into its first premises in Mexborough, Rotherham, and in 1991 he set up the business. It opened its first retail outlet in 1999 and in 2005 launched its first Fishing Republic store 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, whose non-executive chairman James Newman is also chairman of Sheffield City Region LEP, plans to fund its growth strategy by the floatation on AIM.
Currently Steve Gross and his family own 99.4% of the company – Steve holds 65.2%, his wife and operations director Zoe has 15.3%, his father John has 9.9% and brother-in-law Paul has 9.0%.
The company has not yet announced how much it is looking to raise, and how much existing shareholders will be diluted. Fishing Republic plans to be admitted to AIM on June 4.
