Music Magpie explores sale of business
The board of Music Magpie has confirmed that it is exploring a sale of the business with BT Group and Aurelius Group.
The news follows speculation by The Telegraph that the refurbished consumer technology specialist is seeking a buyer just two years after going public.
In a statement today, Music Magpie said discussions between the two parties are ongoing and remain at a very early stage.
It added: “Accordingly, there can be no certainty that any offer for the company will be made from either of the parties, nor as to the terms of any such offer. Accordingly, shareholders are advised to take no action at this time.”
In July, Music Magpie said its first-half performance was in line with expectations with revenue falling to £61.9 million from £71.3 million at the same time in the prior year. The retailer said trading had been hit by postal strikes and low consumer confidence in December and January.
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