Fishing Republic, one of the UK’s biggest fishing tackle retailers, has bought Fantackletastic, a store in Lincolnshire, as part of its nationwide expansion plans.
The Rotherham-based firm, which will pay £150,000 for the store, said that Fantackletastic is a well-established local brand in Lincoln, having operated for over 15 years from the same site on a light industrial estate close to the city’s centre.
Catering for all types of fishing disciplines, it provides Fishing Republic with its first presence in the East Midlands and fits the group’s destination store model. In the year to March 31, Fantackletastic generated revenues of £425,000 and an operating profit of £40,000.
Following completion of the acquisition, Fantackletastic’s founder, Adele Would, will remain with the business for a period to ensure a smooth handover, with the wider team joining Fishing Republic.
The acquisition takes the total number of the group’s stores to 11.
Steve Gross, chief executive of Fishing Republic, said: “I am pleased to announce the acquisition of Fantackletastic, which provides Fishing Republic with a presence in the East Midlands.
“It is a long-established business, with a loyal customer base, and fits our destination store model.
“We look forward to working with the Fantackletastic team as we integrate the business within the wider group. We continue to evaluate opportunities to increase the group’s footprint across the UK.”
Fishing Republic is cashing in on the craze for fishing following the popularity of programmes such as ITV’s The Big Fish Off.