Fishing tackle retailer Angling Direct has restructured its operations to prepare for the fallout from Brexit.

The firm, which has a strong online offering, said it has made the move "given the very high percentage of stocks coming from the Far East".

The company imports from the Far East and is increasingly selling to EU countries as international sales nearly doubled to £4.7 million last year and now account for 21 per cent of group online sales.

The firm recently launched websites in France, the Netherlands, and Germany - which has become its biggest international market, accounting for 3.6% of total online sales.

The news comes as Parliament is currently in deadlock over Britain's impending departure from the European Union, having rejected Prime Minister Theresa May's Brexit deal.

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Many companies have taken it upon themselves to restructure to protect against potential disruption to supply chain arrangements.

Angling Direct said inventory numbers are "good" and that it does not foresee any disruption to supply in the next few months, regardless of any Brexit outcome.

Meanwhile, Angling Direct expects to report a 39% increase in revenue for the financial year ended January 31 to £42m.

In-store sales increased 50% to £19.7m and like-for-like sales were up 6.2%.

Online sales rose 30% to £22.3m.

The Norfolk-based company added that margins have increased slightly compared with last year.

The group said it has entered the new financial year in a strong position to continue to grow both organically and by acquisition, and it remains confident it will meet targets for the year.

Full-year results will be published on May 13.


JD Sports has picked up a significant stake in its high street rival Footasylum, causing shares in the troubled firm to rocket.

In a stock market announcement, JD Sports said it has snapped up an 8.3 per cent holding in Footasylum for "investment purposes".

The company is prepared to acquire up to 29.9% in Footasylum, just below the mandatory takeover threshold, but insisted it is not intending to make an offer for the group.

A spokesman for JD Sports said: "This share purchase is a strategic investment for the group, which has confirmed today that it is not intending to make an offer for Footasylum.

"By publicly disclosing this, and as set out in today's regulatory announcement, the City Code on Takeovers and Mergers precludes JD Sports from making any such offer unless specific circumstances change."

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Shares in Footasylum, which has stores in Glasgow and Dundee, jumped nearly 40% to 39p on the news.

UK educational publisher Pearson has sold its K12 course materials business in the US to private equity firm Nexus Capital for $250 million (£193.5m).

The deal will see Pearson bank an initial cash payment of $25m (£19.3m), with the remainder to be paid over seven years.

K12 employs approximately 1,330 people and generated around £364m in revenue and £20m in profits in 2018.

Money raised from the sale will be used for general corporate purposes, Pearson said.

Chief John Fallon added that the deal will allow Pearson to focus on its "digital first strategy".