musicMagpie admitted to Stock Exchange
Stockport-based re-commerce group, musicMagpie has been admitted to the AIM market of the London Stock Exchange this morning.
"This is an exciting new chapter in the musicMagpie story, and we are delighted to welcome our new shareholders to the business. The Company has been on a fantastic journey since Walter Gleeson and I founded it in 2007, and I am hugely proud of the hard work, innovation and dedication of our people in getting the business to where it is today,” said Steve Oliver, Chief Executive Officer and co-founder of musicMagpie.
“I am thrilled that our colleagues can now have a direct stake in musicMagpie's future success. I am also particularly pleased that musicMagpie has received the LSE's Green Economy Mark. It is a clear recognition of our strong environmental, social and corporate governance credentials as we continue to provide a service that is both smart for the consumer and smart for the planet."
Following this morning’s admission, its private equity backer, NVM, has made a partial exit from the group.
NVM first invested in the company in 2015, providing £6m of development capital, led by Andy Leach, who joined the company’s board.
It says today’s move is a 12.1x return on the original investment and generated proceeds and retained value at the IPO price of £72.5 million.
It will keep a 16.1% holding in the business.
“We are delighted for the team at musicMagpie which under Steve and Walt’s leadership, following its Admission to AIM today, has reached a key milestone in the company’s history,” added Andy Leach, Partner at NVM.
“musicMagpie’s re-commerce model has always been ahead of the curve and, with the current focus on the circular economy, has been acknowledged as a key player in the drive for more sustainable consumer and business behaviour.
“The business has evolved significantly over these past five years, and is well positioned to continue its growth in the future. I am personally very proud of everything that the business has achieved through this period and look forward to watching their progress over the coming months and years.”