Angling Direct Plc (AIM: ANG.L), the largest specialist fishing tackle and equipment retailer in the UK, is pleased to announce that it has acquired the stock, fixtures and fittings, and goodwill of Ted Carter Fishing Tackle for a total consideration of £125,000 payable in cash, plus stock at valuation.
The Directors believe the total consideration values the business at approximately two times annual profits / EBITDA, taking into account the economies of scale and best practises the company will implement upon acquisition. In the year to 31st March 2018 Ted Carter Fishing Tackle generated revenues of c.£1.2 million.
Ted Carter Fishing Tackle is situated in Preston, easily accessible from major motorways and offers free car parking next door. Located near to key angling venues, which have supported the growth of the company over the last 50 years, this business has been a key influencer for many anglers in Preston and the surrounding area.
The store is approximately 3,000 sq ft with a very well-presented range of angling equipment covering all disciplines of fishing. The store will be re-branded upon acquisition as Angling Direct Preston.
This latest acquisition will increase Angling Direct’s presence in the North West of the country, with other stores to follow soon, and takes the total number of destination stores to 22.
Darren Bailey, CEO of Angling Direct, commented: “Ted Carter Fishing Tackle is a very well established and successful business, with a loyal customer base and knowledgeable team. We expect the acquisition will be earnings enhancing from day one and validates Angling Direct’s long-term strategy – to consolidate the fishing tackle market whilst expanding our business through acquisition into new areas of the country with a strong angling demographic.”
Nick Carter, Managing Director of Ted Carter Fishing Tackle, commented: “We are delighted that a well established business, with similar values to ours, will be taking over Ted Carter. Like us, Angling Direct is committed to providing a best-in class service to all customers and this deal will transform the future prospects for both Ted Carter and its employees.
“Angling Direct has an exceptional track record and, having seen how it cares for its customers and staff, we feel that they are by far the best operator to take the business forward.
“I would like to thank everybody involved in Ted Carter from the loyal staff and customers, right through to the suppliers, and we look forward to watching the business thrive under Angling Direct.”