Walker Morris advises Fishing Republic on AIM Placing to support expansionPrint news article
Corporate lawyers at Walker Morris have advised Fishing Republic on its AIM Placing to raise £3,750,000 to support its continuing expansion as it seeks to build a significant market presence.
Fishing Republic is one of the largest fishing tackle retailers by floor space in the UK. The new funds will be used to develop Fishing Republic’s online platform and digital strategy, and to support further store openings, including potential acquisitions.
Richard Naish from the Walker Morris Corporate Group advised Fishing Republic.
Richard Naish commented:
“We are delighted to support Fishing Republic on its plans for expansion. Having advised Fishing Republic on its AIM IPO last June, it is particularly pleasing to work with Steve and the team again on this latest placing. The company as established itself as one of the leading fishing tackle retailers in the UK with a great Yorkshire heritage.”
Steve Gross, Chief Executive of Fishing Republic, said:
“We will be using the net proceeds of the Placing to implement our growth strategy. In particular, we will be focusing on developing our online and digital capability, whilst continuing to expand our store network. Our long term goal is to consolidate the fishing tackle marketplace and build a significant market presence and we remain very positive about the opportunity for us to do so.”
The funds were raised through a placing of 10,714,288 new ordinary shares of 1p each at a price of 35p per placing share to new and existing shareholders.
Amongst the new shareholders participating in the Placing, Fishing Republic announced that Bill Currie, Iain McDonald and Sir Terry Leahy have agreed to subscribe for, in aggregate 6,014,286 Placing Shares in the Company, which will equate to a combined shareholding of 15.9% of the Company’s issued share capital.