Purchaser and multi-channel retailer of entertainment media musicMagpie.co.uk, has secured development capital investment from Lloyds TSB Development Capital (LDC).
Purchaser and multi-channel retailer of entertainment media musicMagpie.co.uk, has secured development capital investment from Lloyds TSB Development Capital (LDC).
The investment, which is for an undisclosed amount, will be used to advance the online purchasing and overseas sales capabilities of musicMagpie.co.uk.
Steve Oliver, CEO at musicMagpie.co.uk, says that the first stage of international expansion has already begun with the launch of a German website, and adds: ‘We hope to further develop the musicMagpie.co.uk brand.’
The Cheshire-based company purchases CDs, DVDs and Games direct from consumers, and then resells the products through a range of international channels.
Jonathan Bell, investment director at LDC, comments: ‘This transaction highlights our commitment to supporting ambitious UK businesses in achieving their growth potential in the UK or overseas.’
Sempora Consulting provided market review and commercial due diligence for the deal. Managing director of Sempora, Francis Prosser comments: ‘With little available information about the replay market, a key challenge was to establish the size and growth of the potential market in the UK and other European markets, as well as to understand consumer selling and buying behaviour and the dynamics of online marketplaces.
‘Our original research found a strong and growing market, in which musicMagpie.co.uk holds a market-leading position.’
