Fishing Republic shares suspended

Fishing Republic shares were suspended from trading on Tuesday after the firm warned that major investors had pulled their support for the angling retailer.

The group, one of largest fishing tackle firms in the country, said in a stock market update that sales “have been significantly affected by strong competitive pressures”.

It added that the board has been informed that “certain major shareholders” are no longer willing to provide further short-term financial assistance to the group.

Fishing Republic said that trading in the company’s shares on the London Stock Exchange’s junior AIM market will be suspended pending clarification of its financial position.

The news comes after a difficult period for the retailer.

At the end of September, the company saw interim pre-tax losses widen £2.5 million from £117,544 after revenue fell to £3.4 million from £4.1 million.

Fishing Republic has been stung by intense competition from rivals and has been desperately trying to restructure the business.