MusicMagpie hires new chief finance officer following London float
Recommerce business musicMagpie recruits Matthew Fowler as new executive director and chief financial officer, following Ian Storey’s promotion to chief operating officer at the time of the IPO of the group.
In April 2021, Music Magpie listed on London’s AIM market in an IPO that meant a market cap for the company of £208 million. The company raised £95 million for selling shareholders through the listing.
Fowler joins musicMagpie from genedrive plc, an AIM-quoted molecular diagnostics company, where he has been chief finance boss since 2016.
Prior to joining genedrive, he had also spent eight years as a Group Financial Controller of Scapa Group plc, an AIM-quoted multinational manufacturing business.
Matthew’s start date at musicMagpie is yet to be confirmed, but he will also join the Board upon appointment. This appointment.
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. Operating through its two trusted brands – musicMagpie in the UK and decluttr in the US, the Group’s core business model is to provide consumers with a smart, trusted and sustainable way to buy, rent and sell refurbished consumer technology and physical media products.
Over 400,000 consumer technology products were resold to consumers in the year ended 30 November 2020 by the Group. In addition, the Directors estimate that that the Group re-sells approximately 2,500 tonnes of books and disc media each year that could have ended up as waste.
As a result, the Group has received the London Stock Exchange’s Green Economy Mark, which recognises companies that derive 50 per cent. or more of their total annual revenue from products and services that contribute to the global ‘Green Economy’.
Matthew Fowler said: I am extremely excited to be joining a business of musicMagpie’s calibre and ambition. Given its unique circular economy model and consumer and societal trends, it is clear to me that the Group has significant growth potential.”