Fishing Republic sinks into administration

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Fishing Republic has gone into administration after it failed to raise substantial funding to keep it afloat, putting 100 jobs at risk.

The fishing retailer has 14 stores in the UK and has appointed administrators from Leonard Curtis to carry out the process.

Last month, major investors pulled out of the business and Fishing Republic was compelled to raise cash.

The retailer has 115 employees, of which most are part-time staff.

Fishing Republic’s shares on London’s junior market will now be removed.

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.

At the time, Fishing Republic said sales “have been significantly affected by strong competitive pressures”.

Rivals Angling Direct, which is also AIM-listed, has extended its business this year and has overtaken Fishing Republic’s market share.

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