MusicMagpie – that the’Lazy man’s e-bay’ set up at a Stockport garage – can be set for a #208m stock exchange flotation
- MusicMagpie plans to cut debt and also grow its own smart-phone leasing firm
- Many of its earnings stem in tech goods such as laptops and video game consoles
- Some company poll estimated that Britons hold #16.5bn of fresh technology
on the web freelancer MusicMagpie, a frequent destination for Britons appearing to off load their previous DVD collections, has been the newest technology business to announce its intent to set on the stock exchange.
Even the Stockport-based firm said it’d plough the 15million it rises in the flotation, that will be set to value it 208million, to reducing debt and growing its own smart-phone leasing branch.
It expects to follow at the forefront of health and beauty services and products seller The Hut Group and electronic admissions card manufacturer Moonpig, who recently ran tremendously successful initial public offerings.
Steve Oliver (pictured) based MusicMagpie using Walter Gleeson at a Stockport garage 2007 and it has clarified the corporation’s business design as a’idle man’s e-bay’
exemptions will start at 193p second Thursday, and also the group said they’re’comfortably over subscribed’ plus it’s received’strong support’ from leading institutional investors.
share holders are prediction to receive #95million from the list whereas supervisors and senior management will probably have about 11.5 percent of their business after the flotation does occur, together with the other 16.3 percent held by equity.
co founder Steve Oliver said:’We’re thrilled MusicMagpie’s circular market version has resonated so closely with traders, and also are thrilled to have received such a higher degree of requirement for the setting ‘
He included that the IPO’reflects not just the success that we’ve enjoyed to date but also our confidence in our skill to capitalise on the favourable longterm trends that carry on to induce the corporation’s strong functionality’
Ever since being set in 2007 from Oliver and Walter Gleeson at a Stockport garageMusicMagpie’s niche has arrived from buying secondhand electronics in bulk in affordable rates and attempting to sell them for a higher profit.
Directed by Oliver because of’idle man’s eBay,”’ the firm started compiling videogames, CDs and DVDs, however currently profits most its earnings from tech goods such as laptops, smart phones and video game consoles.
Substantial business: Based to MusicMagpie, it’s one of the biggest ever world wide retailer on eBay’s website
Although it’s always grown closely from its own heritage, firm took off once it started eBay 10 years before, and it finally became the very first business in the entire world to receive greater than 5 million evaluations over the Silicon Valley platform.
Based to the business, it’s over 7.2 million clients and may be the greatest ever world wide seller on eBay’s web site and the biggest thirdparty seller in the Amazon market place.
MusicMagpie has a US performance, Decluttr, that derives nearly all of its earnings from conventional disk media like CDs and watched revenue rise from $16-million to $44million between 2016 and 2020.
From the final year, the firm said earnings rose by 16.7 percent to #153.4million and corrected earnings plummeted to #13.9million expected to rising earnings from wearables, mobile technology and the end of cell phone contracts.
A MusicMagpie poll year estimated #16.5billion worth of fresh technology was lying across British domiciles, with common unused item being fully a MobilePhone
Additionally, it begun partnerships with both Asda and co op, where clients might sell their DVDs or cellular phones to MusicMagpie kiosks located within the market.
‘Considering that the continuing move to handle the rising problem of ewaste and the simple fact that consumer attitudes towards buying refurbished consumer tech services and products are fast changing, we think that there’s significant possibility for MusicMagpie’s future growth prospects,’ commented Oliver.
A poll commissioned by the firm annually estimated #16.5billion worth of autonomous technology has been lying around British domiciles, meaning that the possible economy for Renting goods is exceedingly large.
Approximately 40% of their 2000 poll respondents said they stored on those gadgets if they had to utilize them , with common unused items in domiciles being amobile phone.