Stockport-based reseller and recycler of mobile phones, technology and entertainment, musicMagpie, has confirmed plans for a stock market flotation.
The intention to float was released by one of the firm’s investors, Northern 2 VCT, however no financials were included in the announcement.
musicMagpie is a leader in the re-commerce of consumer technology (including smartphones, tablets, consoles, computers) providing consumers with a smart, sustainable and trusted way to buy, rent and sell refurbished consumer technology and physical media products. Revenue during the year ending 30th November 2020 hit £153.4 million.
Founded in 2007, the global operation has an established presence in the UK, where its headquarters are based here in Stockport, and in the US from its base in Atlanta, Georgia.
Operating through its two trusted brands – musicMagpie in the UK and Decluttr in the US – the Group’s core business model is smart for its customers and for the planet. The market for pre-owned consumer technology and physical media is estimated to be worth £9billion in the UK and US, and growth for pre-owned consumer technology is expected to continue at more than 10 per cent, per annum.
The company, which now employers over 600 ‘magpies’, including at its Head Office in Stockport Exchange and Hazel Grove warehouse, first revealed it was considering a stock market flotation in October 2020 as the business explored ways to support its further growth. The company has over 180,000 Trustpilot reviews with an excellent rating and has the highest number of seller reviews on both eBay and Amazon, with approximately 10 million globally on each platform and a score of 99.6 per cent on its UK eBay account.
In December 2020, musicMagpie launched a corporate recycling service, allowing businesses to recycle their mobile phones and other electronics in bulk to support environmental commitments.
The technology reseller is expected to admit shares to AIM in late April 2021.
Investment banks Peel Hunt and Shore Capital have been appointed as brokers in the stock market flotation