Angling Direct acquires Chapmans Angling for £1.4m

Angling Direct, the specialist fishing tackle and equipment retailer, has acquired fishing tackle retailer Chapmans Angling for £1.4m payable in cash and includes stock at Valuation.

Chapmans Angling, which has two stores in Scunthorpe and Hull, generated revenues of over £3m and profit before tax of £43,000 last year.

Angling Direct said that the acquisition includes approximately £1.1m of stock, it believes that the total consideration values the Chapmans Angling business at approximately three times its average annual profits for the last three years. The acquisition also extends Angling Direct’s reach into the north east of England,taking the total number of group stores to 26.

Darren Bailey, CEO of Angling Direct, said: “Chapmans Angling is a high quality business which will give Angling Direct a strong foothold in the north east of England. The group will continue to provide the very best level of service across both stores, with Chapmans’ online distribution moving south to Angling Direct’s main distribution centre in Norfolk.”

Paul Devlin, owner of Chapmans Angling, added: “I would like to thank everyone who has worked for me during my 16 years as owner of Chapmans Angling, I have thoroughly enjoyed working with such talented and passionate people that have been instrumental in making Chapmans the success it is today.

“It wasn’t an easy decision for me to sell but Angling Direct’s vision is the perfect option for the future success of these two superb stores.”