musicMagpie, the online entertainment purchaser and retailer, has secured investment from LDC, the mid-market equity specialist, rumoured to be worth £10m.
Launched in 2007 by Steve Oliver and Walter Gleeson, musicMagpie, purchases CDS, DVDs and games directly from customers to resell on its website.The website has grown to become the largest operator of its kind in Europe, employing more than 500 people and serving customers in over 80 countries worldwide.
Oliver says the investment will be used to fund “the next phase of our international expansion”, which “has already begun with the launch of our German website, which is already showing some very encouraging results.”
With LDC’s support, musicMagpie also plans to advance its online purchasing and sales capabilities overseas, and build on its existing partnerships with global industry players to launch a series of consumer marketing campaigns in Europe, as it sets out on its international expansion programme.
musicMagpie has appointed Allan Leighton as non-executive chairman. Leighton formerly experience, held non-executive chairmanships at Asda (Walmart), the Royal Mail and Lastminute.com.
Oliver continued: “With the backing of LDC, an investor renowned for developing international opportunities for its portfolio businesses, and with the contribution to the team by Allan Leighton, we hope to further develop the musicMagpie.co.uk brand and our strong trading performance in the UK, in other countries.”