I went into the Milton Keynes store last Thursday and they were selling shimano beastmaster cx rods at silly prices. £35.95 for the 12ft float rod. All others in the range were reduced as well. Did I buy one? What do you think? £100.00 plus rod for £35.00. magic!
I knew about this yesterday lunchtime but I did not post anything because I did not want to be accused of being a "heartless gloater" so I am glad someone else started it.
The third CEO in a year was supposed to start with them today who is ex Go outdoors on the promise of a million shares at 10p a share plus bonuses if he turns it around only problem was the share price was stuck at or around 5p for weeks now,since been announced he is not starting now but will assist in turning the sinking ship.
Sadly I can see the old saying ringing true that "You cant polish a turd " and unless another financier steps in to replace the funds withdrawn by the current shareholders there will be closures and job losses to follow basically because you cant keep giving stock away at cost or below cost as it will bite you eventually either because the taxman won't believe you have just sold a £2000 item and made about £20 on the deal or the manufacturers can see where its leading, its fine having the odd sale now and again like properly run businesses Bobco as an example but when you give stuff away simply to fund paying wages or other costs over a long period the only thing that will happen is you will go bust.
If FR did close what impact would that have on the tackle industry?
It would leave Angling Direct as the main trader in "their" part of the sector and nothing will still stop a lot of the independents going under in the near future.
Perhaps the growth in the tackle industry will come more from traders that have the income from fisheries to fall back on.
Ironically there are people frequenting markets and finding tackle stands (there are a couple that frequent North Weald Market) (mostly cheaper end stuff) and I think lots of day to day anglers (as opposed to serious carp/match/specimen anglers) will buy stuff from these outlets, or ebay, or other online outlets...
It's sad that a lot of dealers have gone to the wall but if you don't use your local shop you will lose it...
As for AD and FR it's a bit of a double edged sword.... on one hand, it's handy if you have one close to you and they have what you want, but the downside is the convenience of having virtually everything under one roof has killed of smaller retailers... and again, it's getting so bad with AD that if you ask for something specific, they can afford to take their time getting it in, as they have a captive market with few other areas of competition..
5 hrs · Fishing Republic.
Statement re Appointment of CEO - Statement
"Yesterday we suspended our shares with the Stock Exchange as we took advice regarding developments from some of our major shareholders. The bottom line is two of our shareholders (11% stake) are unwilling to invest anymore and we are looking at alternative funding options from our wider shareholder community.
"Along with this announcement I do have to announce that Dan Quinn will not be taking the position of CEO today, 17th October 2018, but instead he has joined us to assist in the shaping of our business and advise us on future direction. All of the Board are working on this plan and providing support and guidance where they see best for the Company.
"I would like to confirm that we are still trading business as usual and I will keep you updated as soon as I can."
Thanks and regards
Chief Operating Officer
Tackle & Guns
21 hrs · Fishing Republic.
Fishing Republic Shares Suspended
As announced in the Company's interim results statement on 27 September 2018, Group sales have been significantly affected by strong competitive pressures. This difficult trading environment has continued and the Board has been informed that certain major shareholders are no longer willing to provide further short-term financial assistance to the Group.
Trading in the Company's securities on AIM was therefore suspended at the Company's request pending clarification of its financial position.
A further announcement will be made in due course.
T&G Understands that a new CEO was (or still is?) due to start tomorrow.
and the panic sets in increased by chinese whispers, plenty of companies have suspended their share trading but haven't gone bump...people just get paranoid and that sets in the rot then the real damage is done as people stop buying for fear of not getting their stuff even when they have protections in place via cradit cards etc
The store I use in Sheffield has been going downhill for months, higher management started using the store as a bargain basement exercise, it went from being really well stocked to hardly having any decent stock in at all. Ended up just getting my bait from there as its 2 minutes from work and loyalty to the lads who have sorted me out for the last few years, and then having to go elsewhere for anything else.
I emailed head office complaining how the shop was being run down only to be told it was a temporary situation and to keep faith etc, then blamed it on the store manager who saw red when I told him what had been said.
He moved to the Rotherham branch but when i went to see him there the stock levels were better but still not good and they are attached to their distribution centre next door who had stock but wouldn't let them have anything to fill the shelves up in the adjacent store.
Lets hope they turn it around and keep going to keep competition against A.D
I may be wrong here...But I can see a shift back to the local tackle shop, I really hope so as AD cannot supply the whole country.
We are quite lucky where I live on the Wirral as we have 5 shops within a 5-10 mile radius, all independent and all offer a great service.
Personally I think Fishing Republic are missing a trick here -> Roger Surgay
FR are not just another tackle shop, they are a business who are in retail, their chosen market being the fishing tackle retail sector.
They don't have to cater for the out and out angler, the specihunter, the matchman, they have to cater for people who want to buy fishing tackle and then be encouraged by hook or by crook to buy from them.
There is no allegiance between the business's share holders and the fishing community or sport as a whole. The share holders are in it for the return they get on their investment, and if a few wake up one morning and think 'if I invest in pink fluffy cushions I'll make more money', then that's what they will do.
Fishing Republic, as all businesses, rely upon customers, and in retail it's all to do with finding a niche in a busy market place.
The instant, quick fix niche is to sell cheaper than anyone else - fine if you can buy cheaper than anyone else and maintain your margins, not so if you are giving stock away.
Or, alternatively look at the market and give the customer what they want, and by customer I mean the ones that want to spend money, not the ones with back rooms and shed full of tackle that they have no urge to replace.