AO’s procurement of songsMagpie has really presently completed– and the latter’s founder Steve Oliver has really assessed the “tough life” of a standalone PLC.
songsMagpie was established in a Stockport storage in 2007 by CHIEF EXECUTIVE OFFICER Oliver and Walter Gleeson as a “lazy man’s eBay”– as defined by Oliver to us in 2021– and enabled people to promote their CDs, DVDs and prepared cash.
With developments in innovation, it rotated its deal within the path of telephones and units, and drifted on London Stock Exchange’s junior goal market in April 2021 with a share price of 193p.
That stood for a market cap of ₤ 208 million. However songsMagpie’s share price would definitely go all the way down to just about 5p this 12 months previous to different London- famous agency AO stepped in with an offer of 9.07p in cash per share— valuing enterprise at merely beneath ₤ 10m.
The provide completed lately– and Oliver is anticipating life with Bolton- primarily based digital units vendor AO, understood for its delicate items present.
“I’m absolutely delighted to announce that last week we officially became part of the fantastic AO family as we concluded life as an independent PLC… the start of a new week and a new era for musicMagpie,” he created on LinkedIn.
“Life was relatively troublesome typically as a standalone public firm nonetheless I’m extraordinarily happy with my group’s curiosity and sturdiness when confronted with each a really robust macro-economic ambiance and rival job.
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“Despite this, we remained focused on our strategy on becoming a leader in the circular economy, in particular in consumer technology, and we look forward with great anticipation at the huge opportunities we now have within our new group.”
He included: “My ‘fourth baby’ may have grown up (it’s nearly 18 now!) but it now has a new and hugely successful wider family to help me and the Magpie team look after it and allow it to flourish… onwards and upwards!”
The huge Manchester City follower referenced soccer in his weblog publish whereas saying due to chair Martin Hellawell.
” A lot of give due to yous. Firstly, to my chair and undoubtedly advisor and good good friend (other than the Arsenal little bit) Martin Hellawell; my reference to him was a exact emphasize of public life and I thank him for his substantial information, advise and expertise.
“Secondly, to our consultants on this deal, the distinctive, wise and energy teams at Shore Capital Markets and Addleshaw Goddard, that took care of us so properly.
“All of the team (nobody more so than me!) are hugely excited to get going, and I am hugely grateful to John Roberts, Mark Higgins and the rest of the team at AO for the faith they have placed in us and indeed the enormous welcome they have given us in joining their wonderful group.”
Oliver proceeded: “But the best thanks of all mosts prone to my distinctive Magpie associates, earlier and current, with out whom we’d not have really completed any one in every of this with out. This provide was every part about finding an outstanding lasting dwelling for enterprise, and a house for the solitary essential aspect of enterprise, its people and we have now really presently seen precisely how flawlessly the frequent society and worths that John has really instilled in AO align with our very personal atMagpie
“Both organisations are obsessed with caring about customers (AO’s 600k Trust Pilot reviews is one of the few that beats our mere 300k!) alongside caring deeply about our colleagues, communities and our general environment. A match made in heaven.”
