Fishing Republic, the fishing tackle retailer, ihas acquired the business and assets of sole trader, A. Would, who operates Fantackletastic, a fishing tackle store in Lincolnshire, for a total consideration of £150,000, payable in cash.
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, from a 4,000 sq ft operation, it provides the company with its first presence in the East Midlands and fits the group's 'destination store' model.
In the year to 31 March 2016, Fantackletastic generated revenues of c. £425,000 and an operating profit of c. £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.