One of the largest fishing retailers in the UK Fishing Republic has seen its shares suspended after major investors pulled their support.
In a stock market update yesterday Fishing Republic warned investors that “certain major shareholders” would no longer provide financial support after sales were “significantly affected by strong competitive pressures”.
Subsequently it suspended the trading of its shares on the London Stock Exchange’s smaller AIM market, in a move aimed at stemming major losses in its share price while it clarified its financial position.
It added that its incoming new chief executive Daniel Quinn, due to start today, will postpone joining the company after the news, while its current boss and former executive chairman James Newman holds the fort.
Quinn previously worked at JD Sports and Tesco and was drafted in by former Tesco Boss Sir Terry Leahy, who owns a 9.3 per cent stake in Fishing Republic, in an attempt to turn the company around.
The retailer posted a pre-tax loss of £2.5 million in September, up from a £117,544 loss a year earlier.