musicMagpie partners with Timpson as research reveals the billions of pounds worth of old tech in Brits’ junk drawers

Brits are hoarding billions of pounds worth of old tech in their junk drawers, new research by musicMagpie reveals as the Stockport-headquartered recommerce pioneer announces a new partnership with Timpson.

A nationally representative survey of 2,000 UK adults found that 73% of Brits have at least one unused phone at home.

Based on musicMagpie’s average trade-in values, it is estimated that Brits are sitting on £10 billion, once scaled across the UK population. However, apathy could be costing the average person around £250, with around 1 in 3 respondents (31%) admitting that they rarely or never think about trading in their old tech.

Among Brits who have a preference, more than two thirds (68%) said they would prefer trading in their old tech in person than sending it off by post.  A major factor appears to be speed of payment, with 1 in 4 Brits saying that receiving their money ‘straight away’ is very important to them.

To meet this demand, musicMagpie has now teamed up with leading high street retailer Timpson to turn this into a reality. Customers can take their old smartphone to their local Timpson store, have it assessed in front of them and get paid for it within minutes.

Steve Oliver, managing director and co-founder of musicMagpie, said:

“Rolling this scheme out to 1,300 stores in the Timpson network is a huge milestone for us, and it’s great to see that so many customers are choosing to trade in their old phones in a way that’s as good for the planet as it is for their wallets.

“Our research showed that the majority of Brits want the ability to trade-in their unused tech in person, so it’s brilliant that this partnership will now allow people to do just that and receive cash in their bank accounts within minutes.”

Sid Hubbard, group director at Timpson, added:

“Customers across the UK can now add smartphone trade-in to the list of services available at their local Timpson shop. For over 150 years our focus has been to provide an exceptional customer experience whilst carrying out jobs that make your life easier, from key cutting to dry cleaning and shoe repairs.

“Unused tech sitting around the house is a common theme for millions of us, so we are excited to offer an easy, trusted solution on the high street. With 1,300+ conveniently located Timpson shops up and down the country, giving unused tech a second chance and turning into cash has never been easier.”

John Roberts, CEO and founder of AO, which acquired musicMagpie in 2024, said:

“Apathy is the biggest barrier to trading in old tech so the ability to ‘Take it to Timpson’ now makes it a no-brainer for customers who can get cash in only a few minutes for their old smartphone at over 1,300 Timpson sites.

“By combining musicMagpie’s refurbishment expertise with Timpson’s trusted nationwide network, we’re helping customers unlock the value in their old tech instantly, while keeping more devices in use and making them more affordable for every pocket.”

With many households feeling the squeeze after Christmas, unlocking cash from old devices could provide a timely financial boost.

More than 1 in 3 people (34%) said they would use the money to pay bills or buy groceries, while 27% would put it into savings, 18% would treat themselves, and 15% would book a holiday.

Just 5% said they would put the cash towards paying their mortgage, but money saving influencer Neesha Craig, aka TheFunMoneyClub, explained why this may be the smartest thing to do. She said:

“Overpaying your mortgage might not be on your radar but even a small overpayment can have a huge impact. I traded in my old Samsung Galaxy S23 Ultra and received £300. I then sent the £300 straight to my mortgage provider which shaved 2 months off my mortgage term and saved me £1,510 in interest!”

Neesha’s biggest financial goal is to pay off her mortgage as quickly as possible, using money made from various ‘side hustles’. Here are her top tips to make additional income, that almost anyone can do:

1. Cashback – Every time you shop in-store or online you can save money by getting cashback. You can get cashback on pretty much anything these days from your weekly grocery shop and clothing to holidays and new tech. Cashback is paid as a percentage of your spend, so if you spend £50 at 10% cashback, that’s £5 coming back your way. The average consumer can save over £300 a year just by getting cashback.

2. Selling unwanted items – You can sell a whole host of things online. I’ve sold DVDs, books, clothes, toys, games and homeware items. Nothing beats a good declutter to turn your unwanted items into cash. Top Tip: Use AI technology like Google Lens to see what kind of price items you have are selling for. That way you know exactly what price to list your items at.

3. Complete surveys – One of the easiest side hustles to start with is surveys as they can be done anywhere at any time. This is one of the lowest paying side hustles but if you are consistent with it the amount you make will add up quickly.

4. Switch your bank account – Bank switching is an amazing side hustle that pays an average of £200 per switch for a few minutes of your time. And you don’t have to switch your main bank account to receive these switching incentives. Serial bank switchers set up burner accounts for this side hustle, so their main bank account isn’t affected.

5. Take part in market research – Market Research is one of my favourite side hustles as it pays an average of £45 an hour. And all you have to do is talk and give your thoughts and opinions. Companies will often conduct market research studies when they are developing new products and services to get honest consumer feedback.

Neesha concludes:

“So whatever your financial goal is this year, there’s a side hustle for that. Happy side hustling!”