LONDON (ShareCast) -

Chapmans, which caters for all types of fishing, has two stores in Scunthorpe and Hull which both benefit from a strong angling community and a regular customer base.

In the year to 30 April 2018, Chapmans Angling generated revenue of more than £3m and pre-tax profit of £43,000. With the acquisition including approximately £1.1m of stock, the directors believe that the total consideration values the Chapmans Angling business at around three times average annual profits for the last three years.

Angling Direct said this acquisition will extend its reach into the North East of England, taking the total number of group stores to 26.

Chief executive officer Darren Bailey said: "Chapmans Angling is a high quality business which will give Angling Direct a strong foothold in the North East of England. The group will continue to provide the very best level of service across both stores, with Chapmans' online distribution moving south to Angling Direct's main distribution centre in Norfolk."

Paul Devlin, owner of Chapmans Angling, said: "It wasn't an easy decision for me to sell but Angling Direct's vision is the perfect option for the future success of these two superb stores."

At 1505 GMT, the shares were up 1% to 68.66p.

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