Abstract: A reel assembly is provided with a hub and opposing flanges that may be disassembled into at least two primary components that may be at least partially nested with one another for compact storage and transport. A stepped or tapered axle is axially received by the hub from only one direction to promote ease of assembly. A mounting plate secures to one end of the axle for mounting the reel assembly to any generally planar surface. A braking system is provided that simply permits free rotational movement of the reel one direction and a drag brake in the opposite direction. A swivel cap of unitized design incorporates retention in the axial and linear directions simultaneously.