REG - Angling Direct PLC - Board Succession Plan

Angling DirectAnnouncement

28/02/2023 07:00

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RNS Number : 1997R  Angling Direct PLC  28 February 2023

 

28 February 2023

 

Angling Direct plc

("Angling Direct", the "Company" or the "Group")

 

Board Succession Plan

 

Angling Direct plc (AIM: ANG), the leading omni-channel specialist fishing
tackle and equipment retailer, today announces its Board succession plan that
will involve the following changes:

 

·    Andy Torrance will step down from his role as Chief Executive Officer
(CEO) and be appointed Non-executive Chairman

·    Steve Crowe, Angling Direct's Chief Financial Officer (CFO), has been
chosen by the Board to replace Andy and will be appointed CEO

·    Martyn Page, will step down from his role as Non-executive Chairman
and will remain on the Board as a Non-executive Director

·    The Board has initiated a search for a new CFO using external
consultants

 

The timing of these changes is dependent on the recruitment of an experienced
CFO to work alongside Steve to deliver the Group's growth strategy, with the
earliest potential implementation to coincide with the Annual General Meeting
in June 2023. Andy will now begin the process of handing over his
responsibilities as CEO to Steve. The Company will release a further
announcement upon the above changes taking effect.

 

Andy Torrance joined Angling Direct as a Non-executive Director in 2019 before
stepping into the CEO role in February 2020. Andy successfully navigated the
Company through Covid-19 and the various lockdown and trading restrictions
that were imposed, minimised the impact of an extensive cyber-attack in 2021
while also developing the Group's growth strategy which included delivering
the new European distribution centre to mitigate Brexit disruption and grow
market share. Andy's new Chair role will ensure that the business retains his
specialist omni-channel retail skills while also benefitting from the
stakeholder relationships he has built across the customer and supplier base
since joining the Group.

 

Steve Crowe joined the business as CFO in 2020 having held executive finance
roles at Aviva and Validus Ltd. Upon joining the Company, Steve was
instrumental in professionalising the finance function, improving internal
reporting processes and instilling financial rigour throughout the business.
More recently, Steve has worked closely with Andy to develop the Group's
growth strategy both in the UK and Europe and he is well placed to manage the
ongoing delivery of Angling Direct's strategic objectives.

 

Andy Torrance, CEO of Angling Direct, commented:

"Angling Direct is a great business with great potential and I have thoroughly
enjoyed my time as CEO. Having navigated a number of challenges since taking
on the role at the outset of the pandemic in 2020, I feel that now is the
right time to hand over the reins to Steve. Having worked closely with Steve
since joining, I know that his in-depth knowledge of the business, combined
with his financial rigour and passion for angling, will ensure Angling Direct
continues to thrive and I look forward to working with him and the wider Board
in my new Chairman role."

 

Steve Crowe, CEO designate said:

"I am delighted to take on the role of Chief Executive Officer of Angling
Direct at this exciting time in the Company's journey. The strategy that Andy
and I have put in place is the right one and having Andy and Martyn remain on
the Board will be invaluable as we execute against our stated objectives."

 

Martyn Page, Chair of Angling Direct commented:

"I would like to take this opportunity, on behalf of the Board, to thank Andy
for everything that he has done since joining the Group in 2019. I am pleased
that Andy has agreed to replace me as Chair as retaining his retail experience
and counsel will be invaluable to Steve in his new role and indeed the entire
Board. Having founded Angling Direct nearly 40 years ago, the business is in
great shape with strong financial foundations and I am confident that Steve is
the right person to lead the business through the next phase of growth. We
look forward to further enhancing the skillset and capabilities of our Board
once a new CFO has been identified."

 

 

For further information please contact:

 

 Angling Direct plc                         via FTI Consulting
 Andy Torrance, Chief Executive Officer

 Steven Crowe, Chief Financial Officer

 Singer Capital Markets - NOMAD and Broker  +44 (0) 20 7496 3000
 Peter Steel (Corporate Finance)

 Alex Bond (Corporate Finance)

 Tom Salvesen (Corporate Broking)

 FTI Consulting - Financial PR              +44 (0) 20 3727 1000
 Alex Beagley                               anglingdirect@fticonsulting.com (mailto:anglingdirect@fticonsulting.com)

 Sam Macpherson

 Alice Newlyn

 

About Angling Direct

 

Angling Direct is the leading omni-channel specialist fishing tackle retailer
in the UK. The Company sells fishing tackle products and related equipment
through its network of retail stores, located strategically throughout the UK
as well as through its leading digital platform (www.anglingdirect.co.uk
(https://www.anglingdirect.co.uk/) .de, .fr, .nl and .eu) and other
third-party websites.

 

Angling Direct is committed to supporting its active customer base and
widening access to the angling community through its passionate colleagues,
store-based qualified coaches, social media reach and ADTV YouTube
(https://www.youtube.com/channel/UCOenrSpp_3DpdT14EBrPkWA) channel. The
Company currently sells over 25,000 fishing tackle products, including capital
items, consumables, luggage and clothing. Angling Direct also owns and sells
fishing tackle products under its own brand 'Advanta', which was formally
launched in March 2016.

 

From 1986 to 2002, the Company's founders acquired interests in a number of
small independent fishing tackle shops in Norfolk and, in 2002, they acquired
a significant premise in Norwich, which was branded Angling Direct. Since
2002, the Company has continued to acquire or open new stores, taking the
total number up to 46 retail stores. In 2015, the Company opened a 2,800 sq.
metres central distribution centre in Rackheath, Norfolk, where the Company's
head office is also located. In January 2022 Angling Direct acquired an
additional 3,900 sq. metres distribution centre in Venlo, Netherlands to
service its established, and rapidly growing, presence in Europe with native
language websites set up in key regions to address demand.

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