UK tackle retailer Fishing
Republic faces closure if it
cannot secure immediate
funding to cover its running
costs.
The company, one of the
largest fi shing dealers in
the UK, warned investors
that its future was in
“signifi cant doubt” and it
was reported that “certain
major shareholders” would
no longer provide fi nancial
support due to its sales
being “signifi cantly affected
by strong competitive
pressures”.
The stark reality is that
more than 100 jobs are
hanging in the balance
as desperation sets in for
the company to sort out
emergency funding to
continue trading.
Back in March, Chief
Operation Offi cer (COO) Steve
Kyriacou told the Master
Investor Show of Fishing
Republic’s 64 per cent growth
and revealed that, following
a strategic review, a crack
management team has been
appointed to fi x previous
under-performance following
a profi t warning in November
2017.
One of its main focuses
was to increase its
e-commerce arm, which
was already doing well with
26 per cent of fl y fi shing
products being shipped to
North America
To investors, the package
looked like a viable
opportunity however,
following the news, Its shares
were subsequently frozen
on the growth market (AIM),
where fi rms register and gain
fi nancial support from other
global investors.
It has been reported that
Fishing Republic’s incoming
chief executive Daniel Quinn
has also said that he would
be postponing joining the
company after the news,
while its current boss and
former executive chairman
James Newman holds the
fort.
Daniel was due to start in
mid-October and previously
held roles at JD Sports and
Tesco where he was drafted
in by former Tesco Boss Sir
Terry Leahy – who currently
owns a 9.3 per cent stake
in Fishing Republic – in an
attempt to turn the business
around.
Fishing Republic posted a
pre-tax loss of £2.5 million
in September, up from a
£117,544 loss a year earlier.
NEWS | DECEMBER 2018
Garmin
announces growth
milestone
Garmin, the international
electronics fi rm that
services the global angling
industry, has reportedly
sold more than 200 million
units of its GPS navigation
and wearable technology
products to customers
around the world.
This milestone is
concurrent with the
opening of the fi rst phase
of the company’s facility
expansion at its North
American headquarters
in Olathe, Kansas. Built to
enable growth in many
areas of its business,
this 750,000-squarefoot
manufacturing
and distribution centre
more than doubles the
company’s aviation
product manufacturing
and distribution capacity.
These achievements are
said to reinforce Garmin’s
continued commitment to
its customers, associates,
shareholders and
community.
Can Fishing Republic be saved?
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