CORPORATE UPDATE

RNS Number : 9303P

musicMagpie plc

22 October 2021

 

22 October 2021

musicMagpie plc

("musicMagpie", or "the Group")

CORPORATE UPDATE

musicMagpie, a leading re-commerce business in the UK and US specialising in refurbished consumer technology, is pleased to provide an update on its process to appoint a Chief Financial Officer ("CFO").

Following Ian Storey's promotion to Group Chief Operating Officer at IPO, the Board confirms that it has held discussions with a number of potential candidates for the CFO position.  The recruitment process remains ongoing, with a shortlist of high quality candidates well progressed and as soon as an appointment is made, the Group will make a subsequent announcement.

Enquiries

musicMagpie plc Steve Oliver, CEO Ian Storey, COO	Tel: [phone]
Peel Hunt (Nominated Adviser and Joint Broker) Edward Knight Paul Gillam Tom Ballard	Tel: [phone]
Shore Capital (Joint Broker) Mark Percy Daniel Bush John More	Tel: [phone]
Powerscourt (Financial Public Relations) Rob Greening Elly Williamson Lisa Kavanagh	Tel: [phone]

Notes to Editors

musicMagpie is a leader in the re-commerce of consumer technology (including smartphones, tablets, consoles and computers) and disk media (including CDs, DVDs and games) and books, with sustainability running to the very heart of its operations.

Founded in 2007, the Group has an established presence in the UK, with operations in Stockport, Greater Manchester, and in the US 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 simple: to provide consumers with a smart, trusted and sustainable way to buy, rent and sell refurbished consumer technology and physical media products.

It has a strong environmental and social focus, as demonstrated by its trademarked 'smart for you, smart for the planet' ethos. Over 400,000 consumer technology products were resold to consumers in the year ended 30 November 2020 by the Group. In addition, the Directors estimate that that the Group re-sells approximately 2,500 tonnes of books and disc media each year that could have ended up as waste. As a result, the Company has received the London Stock Exchange's Green Economy Mark, which recognises companies that derive 50 per cent. or more of their total annual revenue from products and services that contribute to the global 'Green Economy'.

When selling to musicMagpie, the customer is offered a fixed valuation via the website, provided with free logistics to ship the products and (subject to it being 'as described') receives payment for their product on the day of arrival at the Group 's warehouse.

Customers purchasing from musicMagpie receive branded refurbished product for a fraction of the price of buying new. All consumer technology products sold by the Group are sold with a free 12-month warranty.

The Group has the highest number of seller reviews on both Amazon and eBay  and has consistently achieved extremely positive feedback scores. The Group also has a 4.7* rating on UK Trustpilot.

For further information please visit: www.musicmagpieplc.com/

 

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