Fishing Republic plc has raised £1.5 million on AIM via a placing at £0.15 per share as it pursues its ambitions of being the number one fishing tackle retailer in the UK. The business has a chain of seven stores based in the north of England and an online retail presence through its own website and third-party internet retailers.

The Fishing Republic business, originally established in 1985, sells over 16,500 products that cater for all disciplines of the sport (including coarse, carp and sea fishing) and has developed several ranges of own brand products which are manufactured in the Far East.

As part of its growth strategy, the group is looking to act as a consolidator in the sector by acquiring other fishing tackle retailers and also open new stores. In line with this strategy, Fishing Republic is considering various acquisition opportunities and is planning to open a new store in Birmingham.

Crowe Clark Whitehill acted as reporting accountants to the transaction, with the project team led by Robin Stevens and Chulanga Jayawardana in London, and Michael Jayson and Chris Beasley in Manchester.

Robin Stevens, partner at Crowe Clark Whitehill, said: “We are delighted to have worked with a growing UK company as it strives to be the leading retail brand in a highly fragmented market. We look forward to working closely with the management team in the future and supporting them with their long-term plans.”

Steve Gross, CEO of Fishing Republic plc, said: “The listing provides us with a solid footing to embark on an exciting journey to grow the Fishing Republic brand. We very much appreciated the professionalism of the Crowe Clark Whitehill team who provided constructive and proactive advice throughout the transaction.”