Update on activities with Silicon Valley Bank

Musicmagpie

13/03/2023 08:10

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RNS Number : 7318S  musicMagpie plc  13 March 2023

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

 musicMagpie Plc                                         Tel: +44 (0) 870 479 2705
 Steve Oliver, CEO
 Ian Storey, COO
 Matthew Fowler, CFO

 Shore Capital (Nominated Adviser and Sole Broker)      Tel: +44 (0) 20 7408 4090
 Mark Percy
 Malachy McEntyre
 Daniel Bush
 John More

 Powerscourt (Financial Public Relations)                Tel: +44 (0) 20 7250 1446
 Rob Greening
 Genevieve Ryan
 Sam Austrums

 

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
(http://www.musicmagpieplc.com)

 

 

 

 

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