musicMagpie which was founded to buy CDs, DVDs and electronic products from consumers for resale, and now focuses on games consoles, tablets and smartphones is set to confirm plans for an IPO next month. The business achieved revenues of £153 million for the year to November 2020 from its 7.2 million active customers who primarily made purchases of its refurbished products from eBay and Amazon. It is active in the UK, and in the USA where it trades as decluttr.
In a statement, the company said: “After a sustained period of strong performance, musicMagpie is reviewing a number of attractive alternatives to best supporting our continuing rapid growth. Helping consumers stay connected, work from home and be entertained less, while enabling them to raise fast cash from unwanted items in an easy process, has been especially important recently. Our circular economy model is popular with many millions of users and we look forward to the future with confidence under our mantra of ‘Smart for you, Smart for the planet’.”
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