by Alistair Hardaker
Stockport-based ecommerce site musicMagpie has secured £20m in growth financing, just days after revealing more details about its intention to float.
The funding has been secured through a £10m committed revolving credit facility and a £10m accordion facility from the UK branch of tech lender Silicon Valley Bank (SVB).
It will use the growth financing from SVB to invest in its platform and sales and marketing in the UK and US.
The company’s platform, which allows for the resale of consumer tech, now has over 7.2 million customers globally across 210 countries
It is placing 7.8m new ordinary shares and 49.4m existing ordinary shares at 193p each next week, subject to approval.
By Kathi O Shea April 20, 2021 7:18 am
clipart.com
BELLINGHAM, Wash. Business owners in Whatcom County may be eligible for property tax deferrals according to Treasurer Steve Oliver.
Businesses that own real property primarily used for their business may apply for the deferral up to December 31st of this year.
To qualify, a business must demonstrate a loss of at least 25 percent of their gross revenue for the 2020 calendar year compared to that of the year prior.
“It’s unfortunate the State Legislature could not pass this emergency bill earlier,” said Oliver. “But, we are prepared to assist local businesses.”
Eligible businesses must apply to the Whatcom County Treasurer no later than April 30th, 2021.
Music Magpie IPO: Everything you need to know about Music Magpie
Ben Lobel April 19, 2021 2:35 PM
From shifting CDs in a garage to a world-renowned seller on eBay, consumer goods reseller Music Magpie has come far. But will its planned IPO launch it to new heights? Learn more about the company here. Share:
When is the Music Magpie IPO?
In April 2021, Music Magpie announced that it will list on London’s AIM market in an IPO that could value the business at £208 million. The company expects to raise £95 million for selling shareholders through the listing.
As part of the transaction, founder Steve Oliver will make £12.2 million from selling a portion of his existing 16.6% stake. The actual date of the listing is not yet known.
An entrepreneur who started selling old CDs from his garage will make £12.3 million from disposing of some of his shares in a £208 million flotation.MusicMagpie, an online retailer that sells
MusicMagpie set for £208m London stock market float thecourier.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thecourier.co.uk Daily Mail and Mail on Sunday newspapers.