musicMagpie considers stock market flotation to support growth plans

Stockport based musicMagpie, the biggest reseller of physical media and consumer technology in the world and the biggest global seller in eBay’s history, is considering a stock market flotation next year as it examines a number of options to support its plans for growth.  

musicMagpie was founded in 2007 by Steve Oliver (L) and Walter Gleeson (R) and employs more than 1,000 people or as Steve prefers to refer them, ‘magpies’.

The company became a household name after it turned the business of reselling old CDs, DVDs and games into an industrial- scale operation, generating around £10m-per-month in revenues. The company is thriving and its core focus is now on consumer technology. Consumers looking to sell their unwanted Phones, MacBooks, iPads, Consoles, Wearables and more can now trade-in to musicMagpie for the best price on the market, while price-savvy customers can purchase good as new condition refurbished devices from the musicMagpie Store with a 12-month warranty for a fraction of the price of new.

The company has over 100,000 5-star ratings on Trustpilot with more than six million happy customers. musicMagpie operates as Decluttr in the US and uses exactly the same business model as in the UK. Customers trade-in their unwanted tech and media to Decluttr. These items are then refurbished and listed for sale on the Decluttr website, as well as the Amazon and eBay marketplaces. 

musicMagpie has now appointed investment banks Peel Hunt and Shore Capital to lead a stock market flotation next year, in a move first reported by Sky News.

In a statement, musicMagpie said:

“After a sustained period of strong performance, musicMagpie is reviewing a number of attractive alternatives to best support our continuing rapid growth.

“Helping consumers stay connected, work from home and be entertained for less, while enabling them to raise fast cash from unwanted items in an easy process, has been especially important recently. 

“Our circular economy model is popular with many millions of users and we look forward to the future with confidence under our mantra of being ‘Smart for you, Smart for the Planet’.”

musicMagpie was the first business to secure new Grade A office space at Stockport Exchange, Stockport’s newest business district, one of the first phases to complete as part of Stockport’s £1bn regeneration project.