Price Bailey, the Top 30 accountancy firm, has advised Angling Direct, the largest specialist fishing tackle retailer in the UK, on its £9 million flotation on the London Stock Exchange’s Alternative Investment Market (AIM).
Angling Direct principally sells fishing tackle products and related products through a network of 15 Angling Direct retail stores located in the UK and also online via its own website (www.anglingdirect.co.uk) and other third party websites. The Company currently sells over 21,500 fishing tackle products, including capital items, consumables, luggage and clothing. The Company also owns and sells fishing tackle products under its own brand ‘Advanta’, which was formally launched in March 2016.
The listing had a very rapid turnaround of just three months, resulting in the successful placing of 14,062,500 ordinary shares at 64p. The offer was heavily oversubscribed, indicating a high level of confidence from investors in the City in both the business itself and the British economy.
Tony DeMartino, Price Bailey’s Director of Regulated Reporting, says: “It was a pleasure acting as Reporting Accountants to the company and working closely with the directors and other professionals towards this AIM listing. This successful placement, which was significantly oversubscribed, indicates a high level of confidence among investors in Angling Direct’s business model and growth plans.”
Martin Clapson, Managing Director at Price Bailey, says: “This placement suggests that, despite Brexit uncertainty, investors are confident about the medium-to-long term prospects for the UK economy.”
Angling Direct’s strategy is to continue the rollout of Angling Direct stores using proven store formats and to significantly increase online sales. The Company operates a central distribution centre in Rackheath near Norwich to support online sales and has invested in this centre to support the Company’s future online growth strategy.
Price Bailey carried out financial due diligence for Angling Direct and brought in specialists from its Audit and Tax teams as well for the financial reporting. Price Bailey will continue as auditors to the company going forward.