MusicMagpie has announced plans to float on the stock market in a move worth around £208 million.
Co-founded and run by Steve Oliver, the secondhand tech manufacturer made £153m in revenue, which translated to £13.9m of profits in the year to the end of November 2020.
“Given the ongoing move to tackle the growing problem of e-waste and the fact that consumer attitudes towards buying refurbished consumer technology products are rapidly changing, we believe there is significant potential for MusicMagpie’s future growth prospects,” said Oliver.
Old mobile phone technology is a goldmine of natural resources a lot of us are sitting on. If sent to landfill, they pose a significant risk to our environment. If re-cycled, consumers stand to gain financially. “In the UK alone, we estimate that people are sitting on around £16.5bn worth of technology that they no longer use,” added Oliver.
Founded in Stockport, MusicMagpie who also have an operation in the US, could raise around £95m for shareholders who wish to sell. Once the company has been listed on London’s junior Aim market, it is also expected to earn £15m to pay down debt and expand its smartphone rental business.
It’s great to see a business dedicated to the re-cycling of e-waste doing well. With pre-owned consumer technology and physical media valued at around £9bn in the UK and US, there’s a bight future for MusicMagpie and for our planet.