UK fishing tackle and gear retailer Angling Direct has completed the acquisition of Chapmans Angling for £ 1.40million ($ 1.85million).

The Company will offer the total consideration payable in cash and will include the Shares at valuation.

The move follows the company’s February 22 announcement confirming recent speculation about advanced negotiations for a possible Chapmans acquisition.

Chapmans Angling is a fishing tackle retailer with equipment for all types of fishing and operates shops in Scunthorpe and Hull, UK.

The Scunthorpe store offers more than 13,000 product lines, while the Hull store offers 18,000 product lines.

Angling Direct CEO Darren Bailey said: “Chapmans Angling is a high quality company which will give Angling Direct a solid foothold in the North East of England.

“The group will continue to provide the best level of service in both stores, with Chapmans’ online distribution moving south to the main Angling Direct distribution center in Norfolk.

“Chapmans Angling is a high quality company which will give Angling Direct a solid foothold in the North East of England.

The transaction is expected to expand Angling Direct’s presence in the north-east of England, bringing the group’s total number of stores to 26.

Angling Direct offers over 21,500 fishing tackle and related equipment through its UK retail store network, as well as through its online platform and other third party websites.

The company also owns the Advanta brand, which has been offering fishing products since March 2016.

Chapmans Angling owner Paul Devlin said: “It was not an easy decision for me to sell, but the vision of Angling Direct is the perfect option for the future success of these two great stores.