Sale of top tackle shop reveals profit figures

Sale of top tackle shop reveals profit figures

The sale of one of the country's biggest tackle shops has shone a light on the amount of money that changes hands at a leading store.

Fosters of Birmingham has been acquired by Angling Direct, taking the chain's total number of outlets to 17.

Fosters will become AD's 17th store

Fosters will become AD's 17th store

In a press release from the new owner it was revealed that Fosters generated revenues of approximately £5.9m in the year to March 31, 2017.

The 17,000-sq-ft shop made a pre-tax profit of £460,000 on that sum, with net assets of approximately £1.1m, according to the Angling Direct statement.

Almost half of those assets is accounted for by the freehold on the shop's premises, valued at £500,000.

The figures also reveal that Fosters holds about £1.2m of stock.

Fosters was founded in 1978 by Richard Foster, who will continue to work in the shop part-time. 

A statement from the Foster family said: "We are delighted that in Angling Direct PLC we have found a buyer who really appreciates the staff, and business, and understands how to operate it properly going forwards.

"It was very important that we found the correct buyers, and in Angling Direct we see the best possible future for both the business and, more importantly, the staff."

Angling Direct's Darren Bailey said: “Fosters is a long-established and very successful business with a loyal customer base and knowledgeable team.

"The acquisition will be earnings enhancing from day one and validates Angling Direct’s long-term strategy – to consolidate the fishing-tackle market whilst expanding our business through acquisition."