Alan Leighton joins Entertainment Magpie
The company, which trades as musicMagpie.co.uk, will use the investment to fund its overseas expansion plans.
musicMagpie.co.uk buys CDs, DVDs and games direct from consumers and offers them an individual price for each item. It was established in 2007 by Steve Oliver, who is the former boss of entertainment retailer Music Zone. It has grown to become the largest operator of its kind in Europe and serves customers in more than 80 countries worldwide. The company is looking to expand across Europe as well in the US, South Africa, India and Australia.
Leighton, who will join the board as non-executive Chairman, said: “I look forward to working with the business’s dynamic and entrepreneurial management team, who have positioned the business well for the next phase of growth that will see the company accelerate its international sales and increase its share of the UK replay CD, DVD and games category”.
Oliver said: ”The next phase of our international expansion has already begun with the launch of our German website, which is already showing some very encouraging results.”
He added: "We hope to further develop the musicMagpie.co.uk brand, and our strong trading performance in the UK, in other countries."
Jonathan Bell, investment director at LDC who joins the musicMagpie.co.uk board, commented: “The replay entertainment market has an estimated sales value of £1 billion per annum and we expect growth to be approximately 10% per annum over the next three years due to growing consumer popularity and awareness of online selling and the continuing penetration of these key media formats.”
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