GEAR4MUSIC, the online musical instruments retailer, will announce plans this morning to float on London’s Alternative Investment Market (Aim), in a move that will value the firm at around £25m.
Launched in 2003, the Yorkshire-based music shop sells 27,000 different items ranging from £8,000 pianos to 99p kazoos. It has 19 country-specific websites across Europe and 600,000 customers.
The company, which is being advised by Panmure Gordon, aims to raise £8m through the float to grow its customer base and fund the roll-out of further websites across Europe.
Gear4music’s revenue has more than doubled over the past two years and most recent figures show sales grew by 37 per cent to £24.2m in the year to 28 February.
“The next phase of our growth plans will see us invest further in our online marketing initiatives while also developing our bespoke IT platform,” Gear4Music’s founder and managing director Andrew Wass said in March.