Fishing Republic to lose money

Erics Angling Centre gives stock market boys the boot!



ishing Republic has removed Stephen Gross from CEO of the company and replaced him with Chris Griffi n (pictured), ex-E-commerce director of fashion brand SuperDry. The move comes after shock

fi nancial results brought about by a ‘signifi cant’ deterioration’ in trading. According to news from the Stock Exchange: “This refl ects a substantial increase in price competition as major competitors and independent stores have aggressively sought to maintain their market share, particularly at the end of the main fi shing season. As a consequence of this change in market conditions, for the fi rst time this year, monthly like-for-like store sales reduced, with a decline of 13% in October. This is in contrast to like-for-like sales growth of 16% experienced in the nine months up to the end of September.” The report goes on to say: “The

Board believes that, unless market conditions change, the trading performance for the year to 31 December 2017 will not meet market expectations and will result in an overall loss. The business remains cash positive and there will be a continuing focus on driving down stock levels.” The news caused Fishing Republic’s

share price to crash within hours. Chris Griffi n, as acting CEO, will conduct a strategic review with a mandate to explore all options to drive long-term value for shareholders. Chris has a very strong e-commerce, retail and logistics background and was Director of E-commerce at SuperGroup plc, owner of the Superdry brand, from 2010 and 2014, during which time online sales grew from £3m to £60m. More recently, he founded and built the revolutionary supply chain software business, Anatwine Limited. quality, design, sales, customer

recommendation and innovation. T&G caught up with Stephen

Gross, who remains on the board and is very optimistic about the future. He told T&G:”We don’t want to be the cheapest, we want to be the best.” 1

While many of the country’s other well-known tackle shops are selling out to huge, faceless retail chains, we stand alone as the largest independent tackle retailer, priding ourselves on the multi-award winning customer service, unbeatable deals and personal touch that we provide every single day. “We’ve had discussions with

prospective buyers ourselves, but we decided this route just wasn’t for us. Unlike these large retail chains, we are not governed by a board of multi- millionaire shareholders pulling the strings from the comfort of a plush boardroom many miles away while their main concern is what colour leather seats to have in their new Italian sports car. We are a small team of dedicated, hardworking individuals who take great pride in what we do. All our staff are experienced anglers with in depth knowledge of the products we sell, based on personal experience gained over many years, not what they’ve been told in a team meeting. “We’re always honest, we never

recommend anything we wouldn’t be happy to use in our own angling. If you ask our opinion, we will never mislead you to make a sale. We want our customers to receive the best value for

money possible and the best product for the job. We get great satisfaction from knowing that our customers receive the highest level of service we can provide, along with the very best deal on the products they purchase and that they are left with great big smiles on their faces. “We work long hours, often not leaving the offi ce for several days at a time during busy periods. This is not a 9 to 5 job for us.

“Our unique position within the industry gives us an equally unique relationship with many of our suppliers. We’re able to negotiate exclusive deals on many products and we ALWAYS pass these savings on to you, our valued customers, not into our back pockets like many other retailers. “We build relationships with our customers. We value every single penny of your hard earned money that you choose to spend with us. A special deal or some extra discount for a loyal customer is only ever a phone call away. Pick up the phone, give us a call, we’re always pleased to hear from you and happy to put together a personal deal for you on whatever you may be after. It really is good to talk. “We are Erics Angling, this is what we do!”


Remember kids... the value of your investment can go down as well as up!

Dec / Jan 18 | Tackle & Guns | 7

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