Angling Direct has snapped up rival Fosters Fishing as it presses ahead with its ambitious expansion plans.

The fishing tackle and equipment retailer, which floated on AIM in July, has bought the Birmingham-based business in a £3m deal.

Fosters trades as Fosters of Birmingham from a 17,000 sq ft store, located 3.5 miles outside the city centre.

It generated an operating pre-tax profit of £460,000 on sales of around £5.9m in the year to March 31, 2017.

The figures make Fosters, which has been operating for more than 30 years, one of the largest fishing tackle retailers in Europe.

Angling Direct’s latest acquisition takes its UK store count to 17 as it continues its growth plan.

The retailer’s chief executive Darren Bailey said: “Fosters is a long-established and very successful business with a loyal customer base and knowledgeable team.

“The acquisition will be earnings-enhancing from day one and validates Angling Direct’s long-term strategy – to consolidate the fishing tackle market while expanding our business through acquisition.

“We look forward to working closely and supporting the Fosters team with the integration over the coming months.”