111 jobs saved as Fishing Republic bought out of administration

5568

Fishing Republic’s administrators Andrew Poxon and Julien Irving from Leonard Curtis have managed to complete a deal to sell the fishing retailer, securing the jobs of all 111 staff across its 14 stores.

Just one day after it was announced Fishing Republic had fallen into administration, a sale of the company to an unconnected third party has been completed.

The deal will save all of Fishing Republic’s employees.

It comes three moths after shares in Fishing Republic were suspended after the retailer was informed that some of its major shareholders were no longer willing to provide further short-term financial assistance. 

Fishing Republic then fell into administration on Thursday after failing to raise substantial funding to keep it afloat.

According to its most recent trading update at the end of September, interim pre-tax losses widened to £2.5 million from £117,544 after revenue fell to £3.4 million from £4.1 million.

“After a period of marketing the joint administrators completed a deal today which has preserved the jobs of all 111 employees across the retailer’s 14-strong UK store network,” Leonard Curtis said in a statement on Thursday evening.

The retailer’s website currently has a “keep calm, we’ll be back shortly!” message displayed on it homepage.

Click here to sign up to Retail Gazette‘s free daily email newsletter