Fishing Republic - The End?

fishcatcher4

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Sep 4, 2010
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#61
It looks like one of the big chains is on it's way out so anything can happen.
Having said that i do not know how the small shops are staying afloat.
 

Capt Birdseye

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#62
On a more optimistic note ,my local tackle dealer ( Advanced Angling Solutions ) in Louth is currently moving to bigger premises close to the existing one. The owner started out doing mainly carp gear but has successfully expanded his business into the general angling market. Well worth a visit if you live or fish nearby
 

SerialBlanker

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#63
I read an article about Mike Ashley being interested in the angling market. Don’t know if it was based on reality but he has been buying up distressed retailers recently with Evans cycles, BHS, House of Fraser
 

Ken the Pacman

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#64
Ashley has dabbled in tackle with dodgy rodgers business but it did not work for them so they seem to have moved on.
Ashley has stated he wants to move upmarket anyway because that is where the bigger margins are.
 

nelson66

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#65
Interestingly AD have just taken over one of my local wholesale suppliers Grandeslam
 

mikeb511

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#66
I am told buy a insider they are 2.5m in the red and new investment will not be handed over till they come off stock exchange . (y)
 

Arry

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#67
One way or another this whole sorry saga doesn't bode well for our sport in the medium to long term in my opinion.:(

If we end up with 2-3 big chains dominating the marketplace with their buying power we will see even more small independent shops going to the wall along with some of the smaller tackle brands as well. The big chains will increasingly push their own brands (such as AD's Advanta kit) as a way of maximising their profit margins which will inevitably hit the smaller brands targeting that sector themselves.

The only way I can see this changing is if the major brands take a stand in the way they allow their products to be marketed and make a conscious decision to stop offering large volume discounts to the big players and recognise that discounting of their products can seriously damage the value of their brands. In this respect the example to follow would be that of Drennan who supply all account holders at nett price regardless of size thus maintaining the value of their brand.
The problem here is that the average angler wants everything at a discount price.... and there are loads of dealers big or small who WILL do a deal to get the sale...
 

Sam Vimes

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#69
The writing has been on the wall for long enough. I'm sorry for the folks that worked for them, but I'll not miss Fishing Republic one bit.
 

Peter

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#70


Tackle & Guns

54 mins ·

Fishing Republic goes into administration
Fishing Republic announces that, further to the recent updates on its financial position, it has not been possible to raise sufficient equity or other funding for its immediate and future working capital requirements.

As a consequence, the directors of Fishing Republic Trading Limited, the Company's 100% owned subsidiary, having taken advice from Leonard Curtis Recovery Limited ("Leonard Curtis"), have today filed an application to appoint administrators to this company. The filing of the administration application triggers a moratorium preventing most creditor or other third-party action against this company or its assets. The application is likely to be heard in Court next week at which point it is expected that Leonard Curtis will be appointed as administrators. Steps to appoint administrators to the Company's other 100% owned subsidiary, Fishing Republic Retail Limited, are likely to occur in due course. The directors and Leonard Curtis continue to explore options for Fishing Republic plc and no decision has yet been reached on whether it will be placed into administration.

Leonard Curtis has received indicative offers from parties interested in acquiring some or all of the Group's assets.
A further announcement will be made as soon as is practicable.

The Company's shares remain suspended from trading on AIM.
 

Dave

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#72
:D - I have just asked the moderators the same question with regards to the advertising - do we continue with it bearing in mind it's paid up in advance, or do I pause it until we know what's happening?
 

jasonb

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Jan 14, 2017
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#74
i bought a drennan acolyte cheap from them in the silly drennan sale and a few weeks ago I managed to snap it in half, didn't bother trying with them on warranty. Fortunately my local tackle shop took it to drennan and they gave me a new section even though they knew it was from fishing republic and I didn't provide a receipt. I doubt any other tackle company would do that.
 

mickthestick

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#76
:D - I have just asked the moderators the same question with regards to the advertising - do we continue with it bearing in mind it's paid up in advance, or do I pause it until we know what's happening?
You could give them a pro rata refund Dave , I'll go and wash my mouth out
 
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Aug 12, 2018
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#78
I would suggest that nobody buys mailorder until the administrators are appointed, otherwise you risk becoming an unsecured creditor - though payments of more than £100 on a CREDIT (not debit) card can be recovered from the credit card company. If you go to a shop and they have the stock there is no problem, hand over the money walk out with the goods, never pay in the shop for later collection, unless it's more than £100 on a credit card. As to the long term, it's anybody's guess, some companys enter administration because of cash flow problems but are essentially viable businesses, and the administrators should sort it out. Unfortunately, often, the investigative accountants who recommend administration are also appointed the administrators and get a handsome profit before anybody else gets a look in, ( stand up RBS and Price Waterhouse - yes I am bitter).
 

carphauler

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Mar 19, 2012
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#79
One way or another this whole sorry saga doesn't bode well for our sport in the medium to long term in my opinion.:(

If we end up with 2-3 big chains dominating the marketplace with their buying power we will see even more small independent shops going to the wall along with some of the smaller tackle brands as well. The big chains will increasingly push their own brands (such as AD's Advanta kit) as a way of maximising their profit margins which will inevitably hit the smaller brands targeting that sector themselves.

The only way I can see this changing is if the major brands take a stand in the way they allow their products to be marketed and make a conscious decision to stop offering large volume discounts to the big players and recognise that discounting of their products can seriously damage the value of their brands. In this respect the example to follow would be that of Drennan who supply all account holders at nett price regardless of size thus maintaining the value of their brand.
I've said this from day one Peter but nobody listens.
 

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