LONDON (ShareCast) - (Sharecast News) - Fishing tackle and equipment retailer Angling Direct acquired Leeds-based Erics Angling Centre on Wednesday in a deal worth up to £1.1m.
Angling Direct believes the acquisition of Erics, which has two stores located in Farlows Lake and Leeds, will accelerate the progress of its newly opened Leeds store, reducing the expected pay-back period by consolidating the local retail offering

The Farlows Lake location will be re-branded as an Angling Direct store, while the Leeds business will be migrated over to the AIM-listed firm's new destination store at City South Retail Park, less than four miles away.

Erics' online and mail order operations, which represent roughly 30% of the group's £5.2m of annual revenues will be closed and integrated with Angling Direct's online retail and distribution operations in Norfolk.

Following the integration of Erics, Angling Direct will have 31 stores in England.

Chief executive Darren Bailey said: "The board is delighted to have acquired this business, which we believe will have a positive impact on our future trading performance over both the short and medium-term."

As of 0930 BST, Angling Direct shares had ticked up 0.79% to 59.97p.

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