Irwin Mitchell’s Corporate Team Advises On The Deal
Birmingham-based Fosters Fishing Limited has been bought by Angling Direct Plc, the largest specialist fishing tackle and equipment retailer in the UK, in a £3m deal.
Fosters, which trades as Fosters of Birmingham, currently operates as one of the largest fishing tackle retailers in Europe. The business, which generated revenues of around £5.9m last year, was established over 30 years ago and is based in a 17,000 sq ft superstore located on the outskirts of Birmingham.
The deal increases Angling Direct’s presence in the Midlands, alongside its Halesowen and Willenhall stores, and takes the store network to 17.
Following completion of the acquisition, Mark Foster, will remain with Fosters for a few weeks to ensure a smooth handover. Fellow director, Richard Foster, will continue to work in the business on a part-time basis.
Darren Bailey, CEO of Angling Direct, commented:
“Fosters is a long-established and very successful business with a loyal customer base and knowledgeable team. 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.
We look forward to working closely and supporting the Fosters' team with the integration over the coming months.”
Corporate partner, Nick Dawson, and Solicitor Matt Smith from the Birmingham office of Irwin Mitchell advised the shareholders of Fosters on the deal. Leathes Prior Corporate team members, Paul Warman, Alex Saunders and Nina Ryan advised the buyer, Angling Direct Plc.
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