Rotherham-based Fishing Republic PLC, one of the largest retailers of fishing tackle in the UK and listed on the AIM market has announced that it is to appoint administrators as there was no sale or additional capital.
Fishing Republic, which has 14 stores, lost investors support who had been propping it up suddenly in October plunging the business into a crisis and prompting a suspension of its shares.
At the end of September, the company said its pretax loss had deepened to £2.5m from £117,544 the year prior, after revenue fell to £3.4 million from £4.1 million the year before.
Leonard Curtis are expected to be the administrators. An intention to appoint administrators gives the firm protection from its creditors for 10 days while a plan is worked on to either sell the business or find new money.