AO’s procurement of songsMagpie has actually currently finished– and the latter’s founder Steve Oliver has actually assessed the “tough life” of a standalone PLC.
songsMagpie was established in a Stockport garage in 2007 by CHIEF EXECUTIVE OFFICER Oliver and Walter Gleeson as a “lazy man’s eBay”– as explained by Oliver to us in 2021– and enabled individuals to sell their CDs, DVDs and ready money.
With advancements in innovation, it rotated its deal in the direction of phones and devices, and drifted on London Stock Exchange’s junior objective market in April 2021 with a share cost of 193p.
That stood for a market cap of ₤ 208 million. However songsMagpie’s share cost would certainly go down to virtually 5p this year prior to other London- noted firm AO stepped in with an offer of 9.07p in cash per share— valuing business at simply under ₤ 10m.
The offer finished recently– and Oliver is expecting life with Bolton- based electronic devices seller AO, understood for its soft goods provide.
“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 rather difficult sometimes as a standalone public company however I am extremely pleased with my group’s interest and durability when faced with both a very tough macro-economic atmosphere and rival task.
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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 massive Manchester City follower referenced football in his blog post while saying thanks to chair Martin Hellawell.
” A number of give thanks to yous. Firstly, to my chair and without a doubt advisor and good friend (apart from the Arsenal little bit) Martin Hellawell; my connection with him was a precise emphasize of public life and I thank him for his substantial knowledge, advise and experience.
“Secondly, to our consultants in this deal, the exceptional, sensible and effort groups at Shore Capital Markets and Addleshaw Goddard, that took care of us so well.
“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 greatest thanks of all mosts likely to my exceptional Magpie associates, previous and existing, without whom we might not have actually done any one of this without. This offer was everything about locating a superb lasting home for business, and a home for the solitary crucial element of business, its individuals and we have actually currently seen exactly how flawlessly the common society and worths that John has actually instilled in AO align with our very own 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.”
