LONDON (ShareCast) - (Sharecast News) - Angling Direct has raised £20m from investors in order to fund its continued expansion both instore and online, potentially via mergers and acquisitions.
Britain's largest fishing tackle retailer issued 21.6mm shares at 92.5p each - a 7.5% discount to their Tuesday closing price of 100p. Angling Direct plans to use the funds raised to help it grow both organically and via acquisitions.

Angling Direct plans to cut the ribbon on roughly 20 new brick and mortar storefronts across the UK in 2019 and 2020, and also intends to roll out native language websites across the continent, where it will implement a new media and marketing plan as well.

The AIM-listed group will use its topped-up cash pile to explore potential mergers and acquisitions, up its headcount and expand its higher-margin Advanta product lines.

Chief executive Darren Bailey said: "We are delighted with the level of support Angling Direct has received from its existing and new investors."

"The new funds will allow Angling Direct to go to the next level, as we seek to extensively increase our UK footprint and expand into Europe through our successful online business."

Angling Direct said it had "increasing confidence" looking forward, with like-for-like sales climbing 15.4% and 12% in August and September, respectively.

As of 1120 BST, Angling Direct shares had sunk 3.52% to 96.48p.

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