British specialist fishing tackle and equipment retailer Angling Direct has completed the acquisition of Chapmans Angling for £1.40m ($1.85m).
The company will offer the total consideration payable in cash and includes stock at valuation.
The decision follows the company’s announcement made on 22 February confirming the recent speculation regarding the advanced negotiations for a potential acquisition of Chapmans.
Chapmans Angling is a fishing tackle retailer that offers equipment on all types of fishing and operates stores in Scunthorpe and Hull, UK.
The Scunthorpe store offers more than 13,000 product lines, while the Hull store offers 18,000 product lines.
Angling Direct CEO Darren Bailey said: “Chapmans Angling is a high-quality business, which will give Angling Direct a strong foothold in the North East of England.
“The Group will continue to provide the very best level of service across both stores, with Chapmans’ online distribution moving south to Angling Direct’s main distribution centre in Norfolk.”
The transaction is expected to expand Angling Direct’s presence into the North East of England, increasing the group’s total stores to 26.
Angling Direct offers more than 21,500 fishing tackle products and related equipment across its network of retail stores in the UK, as well as through its online platform and other third-party websites.
The company also owns the Advanta brand, which has been offering tackle products since March 2016.
Chapmans Angling owner Paul Devlin said: “It wasn’t an easy decision for me to sell but Angling Direct’s vision is the perfect option for the future success of these two superb stores.”