APPOINTMENT OF CHIEF FINANCIAL OFFICER

RNS Number : 4549S

musicMagpie plc

16 November 2021

 

16 November 2021

musicMagpie plc

("musicMagpie", or "the Group")

APPOINTMENT OF CHIEF FINANCIAL OFFICER

The Board of musicMagpie, a leading re-commerce business in the UK and US specialising in refurbished consumer technology, is pleased to announce the appointment of Matthew Fowler as Executive Director and Chief Financial Officer ("CFO"). Matthew's start date at musicMagpie will be confirmed in due course and he shall join the Board upon appointment. This appointment follows Ian Storey's promotion to Group Chief Operating Officer at the time of the IPO.

Matthew joins musicMagpie from genedrive plc, an AIM-quoted molecular diagnostics company, where he has been CFO since 2016. Prior to joining genedrive, Matthew spent eight years as Group Financial Controller of Scapa Group plc, an AIM-quoted multinational manufacturing business. He previously spent three years at British Nuclear Group as Finance Manager, having trained and qualified in the audit department of Deloitte & Touche.

Martin Hellawell, Chairman of musicMagpie, said: " On behalf of the Board, I am delighted to be welcoming Matthew to musicMagpie. His experience of working in senior positions for AIM-quoted companies and his considerable financial and operational expertise will be hugely beneficial to musicMagpie as it continues its journey as a public company."

Matthew Fowler, incoming CFO, said: "I am extremely excited to be joining a business of musicMagpie's calibre and ambition. Given its unique circular economy model and consumer and societal trends, it is clear to me that the Group has significant growth potential.  The Group's impressive ESG credentials were also a major factor in my decision to join. I am looking forward to working with Steve, Ian and the rest of the team to realise the Group's strategic plans for the future."  

Additional Information

In accordance with Rule 17 and paragraph (g) of Schedule 2 of the AIM Rules for Companies, Matthew John Fowler (aged 47) holds or has held in the past five years the following directorships and partnerships:

Current	Historic
Epistem SIP Trustee Limited	Epistem Limited
Genedrive Diagnostics Ltd	First Water Limited
genedrive plc	First Water Ramsbury Limited
	Grafton Disease Diagnostics Private Limited
	Porritts & Spencer Limited
	Scapa Blackburn Limited
	Scapa Denver (North) Limited
	Scapa Group Holdings GmbH
	Scapa Tapes India Pvt Ltd
	Scapa UK Limited
	Scapa (No. 2) Limited
	Scapa (No. 3) Limited

Matthew currently holds no shares in the Company.

Lindsay & Williams Ltd, Scapa Europe Ltd, Scapa Holdings Ltd and Scapa Polymerics Ltd were dissolved by voluntary strike off in October 2015; Scapa (No. 3) Limited was dissolved by voluntary strike off in November 2017. Cable Components Ltd was dissolved by a voluntary winding up in April 2011.

There is no further information required to be disclosed under Rule 17 or paragraph (g) of Schedule 2 of the AIM Rules for Companies.

Enquiries

musicMagpie plc Steve Oliver, CEO Ian Storey, COO	Tel: [phone]
Peel Hunt (Nominated Adviser and Joint Broker) Edward Knight Paul Gillam Tom Ballard	Tel: [phone]
Shore Capital (Joint Broker) Malachy McEntyre Mark Percy Daniel Bush John More	Tel: [phone]
Powerscourt (Financial Public Relations) Rob Greening Genevieve Ryan Sam Austrums	Tel: [phone]

Notes to Editors

musicMagpie is a leader in the re-commerce of consumer technology (including smartphones, tablets, consoles and wearables), disc media (including CDs, DVDs and games) and books, with sustainability running to the very heart of its operations.

Founded in 2007, the Group has an established presence in the UK, with operations in Stockport, Greater Manchester, and in the US in Atlanta, Georgia. Operating through its two trusted brands - musicMagpie in the UK and decluttr in the US, the Group's core business model is simple: to provide consumers with a smart, trusted and sustainable way to buy, rent and sell refurbished consumer technology and physical media products.

It has a strong environmental and social focus, as demonstrated by its trademarked 'smart for you, smart for the planet' ethos. Over 400,000 consumer technology products were resold to consumers in the year ended 30 November 2020 by the Group. In addition, the Directors estimate that that the Group re-sells approximately 2,500 tonnes of books and disc media each year that could have ended up as waste. As a result, the Group has received the London Stock Exchange's Green Economy Mark, which recognises companies that derive 50 per cent. or more of their total annual revenue from products and services that contribute to the global 'Green Economy'.

When selling to musicMagpie, the customer is offered a fixed valuation via the website, provided with free logistics to ship the products and (subject to it being 'as described') receives payment for their product on the day of arrival at the Group's warehouse.

Customers purchasing from musicMagpie receive branded refurbished product for a fraction of the price of buying new. All consumer technology products sold by the Group are sold with a free 12-month warranty.

The Group has the highest number of seller reviews on both Amazon and eBay and has consistently achieved extremely positive feedback scores. The Group also has a 4.7* rating on UK Trustpilot with over 190,000 reviews.

For further information please visit: www.musicmagpieplc.com/  

 

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