Update on activities with Silicon Valley Bank
13 March 2023
musicMagpie plc
("musicMagpie" or the 'Group')
Update on activities with Silicon Valley Bank
musicMagpie PLC, a circular economy pioneer specialising in refurbished consumer technology and disc media in both the UK and US, gives an update on its banking relationship with Silicon Valley Bank ("SVB") in the United States following the recent announcements concerning the future of SVB.
The Group ended its loan arrangement with SVB when it entered a 3-year 30m revolving credit facility with HSBC UK and Natwest in July 2022 and so the UK business is unaffected by the news.
decluttr, the Group's trading brand in the US, uses SVB as its transactional bank for day-to-day activities. The closure of SVB is unlikely to have an impact on the business because transactions through decluttr can be made via alternative banking relationships outside of the US and the Group had already been in discussions to move its US transactional banking relationship away from SVB.
Enquiries
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musicMagpie Plc |
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Tel: +44 (0) 870 479 2705 |
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Steve Oliver, CEO |
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Ian Storey, COO |
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Matthew Fowler, CFO |
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Shore Capital (Nominated Adviser and Sole Broker) |
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Tel: +44 (0) 20 7408 4090 |
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Mark Percy |
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Malachy McEntyre |
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Daniel Bush |
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John More |
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Powerscourt (Financial Public Relations) |
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Tel: +44 (0) 20 7250 1446 |
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Rob Greening |
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Genevieve Ryan |
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Sam Austrums |
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Notes to Editors
About musicMagpie plc
Operating through two trusted brands - musicMagpie in the UK and decluttr in the US - musicMagpie's core strategy is simple: to provide consumers with a smart, sustainable and trusted way to buy, rent and sell refurbished consumer technology and physical media products 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.
musicMagpie has a strong environmental and social focus, as demonstrated by its trademarked 'smart for you, smart for the planet' ethos. Nearly 400,000 consumer technology products were resold in FY22. In addition, the Group re-sells approximately 10m books and disc media each year that could have ended up as waste. During 2022, musicMagpie's UK consumer tech and disc media customers, along with its trade partners, helped to save over 43,000 tonnes of CO2 by buying, selling and renting with the Group - an amount equivalent to providing heating for over 16,000 homes, or powering more than 50,000 flights from London to New York. The Group has been given the London Stock Exchange's Green Economy Mark in recognition of its contribution 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. The Group has also partnered with Asda to give customers the option of using its SMARTDrop Kiosks in store for a fast and easy way to recycle phones for instant cash. Customers purchasing or renting from musicMagpie receive branded refurbished product for a fraction of the price of buying new.
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 4.4* rating on UK Trustpilot with over 252,000 reviews.
For further information please visit: www.musicmagpieplc.com
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