British specialist fishing tackle and equipment retailer Angling Direct is planning to raise approximately £20m ($25.78m) from institutional investors to expand offline and online retail operations.

The placing is raised through the issue of 21,622,000 new ordinary shares of 0.01 each in the capital of the company at 0.92 per new ordinary share. It was oversubscribed, with strong support from both new and existing institutional shareholders.

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Directors of the retailer are planning to use the investment to open approximately 20 new stores in the UK during 2019 and 2020, general working capital, as well as the development of websites, including the launch of native language sites in Europe.

The company will also focus on media and its marketing plan across Europe, facilitating the exploration of potential strategic M&A opportunities, increasing the workforce across the business, and expanding its Advanta product lines.

“The new funds will allow Angling Direct to go to the next level, as we seek to extensively increase our UK footprint and expand into Europe.”

Angling Direct CEO Darren Bailey said: ‘We are delighted with the level of support Angling Direct has received from its existing and new investors.

“The business has made excellent progress in the 15 months since joining AIM, with acquisitions completed, new stores opened, and revenue grown significantly. The new funds will allow Angling Direct to go to the next level, as we seek to extensively increase our UK footprint and expand into Europe through our successful online business.

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“I would also like to take this opportunity to thank Stephen Moon for his contribution to the company. His advice and guidance has been highly valuable since Angling Direct became a public company, and we wish him the very best for the future.”

The company is planning to acquire stores in the UK through its strategically placed store roll-out and will continue to assess acquisition opportunities that add value to its overall operations in the UK and Europe.