Angling Direct has acquired two more well-known tackle shops, taking their portfolio to 26 branches.
The publicly listed company has announced it has acquired Chapmans Angling for £1.4m.
Chapmans has two stores, in Scunthorpe and Hull, and generated revenue of more than £3m and pre-tax profit of £43,000 in the year to April 30, 2018.
Angling Direct’s acquisition includes a stock valuation of about £1.1m.
A statement from Angling Direct said: “The directors believe that the total consideration values the Chapmans Angling business at approximately three times average annual profits for the last three years.
“The directors are looking forward to capitalising on the benefits that they expect to come from the economies of scale and best practices that Angling Direct will implement upon acquisition.”
Chapmans owner Paul Devlin said: "I would like to thank everyone who has worked for me during my 16 years as owner of Chapmans Angling.
“I have thoroughly enjoyed working with such talented and passionate people that have been instrumental in making Chapmans the success it is today.
“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."
Chapmans has a well-established mail-order business and its two shops cover a total of more than 10,000 sq ft. The larger Hull store carries 18,000 product lines, while the Scunthorpe branch stocks 13,000.
Darren Bailey, CEO of Angling Direct, 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.”