UK-based recommerce site Entertainment Magpie Limited receives investment from NVM Private Equity
Entertainment Magpie Limited (musicMagpie.co.uk), the Stockport‐based recommerce site, has received a significant development capital investment from the Manchester office of NVM Private Equity.
Established in 2007 by co‐founders Steve Oliver (Group CEO) and Walter Gleeson (Group COO), musicMagpie.co.uk is the most popular recommerce website in Europe, providing consumers with cash for their unwanted CDs, DVDs, Games and Electronics.
NVM’s investment will primarily enable musicMagpie to launch its new ‘faster payment’ consumer offer which will in particular support the rapid acceleration of its trade‐in of electronics such as mobile phones, games consoles and laptops, along with enhancing the musicMagpie offer generally for all consumers who are seeking ‘quick cash’.
The investment by NVM comes as LDC exits the business following its investment in musicMagpie.co.uk in 2011 to support the business’ international expansion, which saw the business successfully launch its US website ‘decluttr.com’ based in Atlanta.
Andy Leach, from NVM, will join the Entertainment Magpie board, alongside founders Oliver and Gleeson, and the company’s other Executive Directors in Ian Storey (Group CFO), Peter Petrondas (Group Electronics Director) and Jo Smith (Group IT Director). A non‐Executive Chairman will also join the board in the near future.
Steve Oliver, CEO of musicMagpie.co.uk: “We have enjoyed a strong relationship with LDC over the period of working together and are grateful for their support during the last four years, but we are now delighted to be working with the excellent team at NVM at such an exciting time for the business”
“We will now be launching our new faster payments offer for customers, which enables us to make payment for their items on the same day we receive them. This will allow our customers to not only declutter but also raise cash quickly for their unwanted items as a debt‐free alternative to the much maligned ‘pay day loan’ type lenders. We will also be looking to now expand our successful US business in the coming months, along with furthering the musicMagpie.co.uk platform to enable us to both buy and sell to our significant consumer base of over 3m users.”
Andy Leach from NVM said “We are very much looking forward to working with Steve and the team at musicMagpie to help them deliver the very clear strategies that the business has for the next stage of its growth”
The Deloitte Manchester office provided lead advisory services to the deal, with DWF (sellers) and Osborne Clarke (buyers) providing legal services. Due Diligence Services were provided by KPMG (Financial), Sempora Consulting (Commercial and Market), Intuitus (IT) and The Quinn Partnership (Management).
Source: NVM Press Release