Musicmagpie Regulatory News (MMAG)

8 November 2022

musicMagpie plc

("musicMagpie", or "the Group")

SUCCESSFUL ROLL-OUT OF MUSICMAGPIE SMARTDrop KIOSKS WITH ASDA NOW COMPLETE

Now in 290 Asda stores across the UK

£7m paid out to customers through the kiosks so far

musicMagpie, a circular economy pioneer specialising in refurbished consumer technology in both the UK and US, is pleased to announce that the roll-out of its SMARTDrop Kiosks in Asda stores has successfully completed on plan.

There are now kiosks in 290 Asda stores across the UK, meaning that 90% of the UK's population live within a 15-minute drive of one. So far, over £7m has been paid out to customers using the kiosks, with 25,000 phones having been traded in at an average price of £273 over the past 12 months.

For customers, the kiosks offer an even faster and easier way to recycle unwanted phones for instant cash. Customers take their phone to a kiosk, receive a valuation, deposit it and then have the money paid to their bank or PayPal account within minutes, which they can then use to pay for their shopping instore that day if they choose. For musicMagpie, the kiosk network gives it an opportunity to buy incremental units by unlocking the value of the unused tech in homes across the country. 

The kiosks are part of a wider sustainability partnership between musicMagpie and Asda. An affiliate agreement between the two businesses means that Asda customers can buy and sell refurbished consumer technology and entertainment products (such as mobile phones, tablets, DVDs and CDs) with musicMagpie through the Asda website and mobile app. When selling, the items can then be dropped off by the customer at any Asda store, from where they are transferred to musicMagpie using Asda's "toyou" service. In addition, Asda sells musicMagpie's pre-owned DVDs and CDs in over 200 of its stores across the country.

musicMagpie is now exploring further opportunities for its SMARTDrop Kiosks, to make it even more convenient for customers to sell their old tech.

Steve Oliver, Chief Executive Officer and Co-Founder of musicMagpie, said:

"We are delighted to have completed the rollout of our innovative SMARTDrop kiosks with Asda. In the current climate, it's critically important that we make it as easy as possible for people to free up cash - especially as we know that that the average household has 11 items of unused consumer technology lying around, totalling £16.5bn across the UK and depreciating by the day. The wider partnership with Asda is an integral part of our 'buy more, sell more, rent more' strategy, and gives consumers even more opportunities to make decisions that are both smart for them and smart for the planet."

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About musicMagpie plc

Operating through two trusted brands - musicMagpie in the UK and decluttr in the US - musicMagpie's core strategy is simple: to provide consumers with a smart, sustainable and trusted way to buy, rent and sell refurbished consumer technology and physical media products with sustainability running to the very heart of its operations. 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.

musicMagpie has a strong environmental and social focus, as demonstrated by its trademarked 'smart for you, smart for the planet' ethos. Over 400,000 consumer technology products were resold in FY21. In addition, the Group re-sells approximately 2,500 tonnes of books and disc media each year that could have ended up as waste. During 2021, musicMagpie's UK consumer tech and disc media customers, along with its trade partners, helped to save over 50,000 tonnes of CO2 by buying, selling and renting with the Group - an amount equivalent to providing heating for over 18,000 homes. The Group has been given the London Stock Exchange's Green Economy Mark in recognition of its contribution to the global green economy.

When selling to musicMagpie, the customer is offered a fixed valuation via the website, provided with free logistics to ship the products and (subject to it being 'as described') receives payment for their product on the day of arrival at the Group's warehouse. The Group also recently partnered with Asda to give customers the option of using its SMARTdrop Kiosks in store for a fast and easy way to recycle phones for instant cash. Customers purchasing from musicMagpie receive branded refurbished product for a fraction of the price of buying new.

The Group has the highest number of seller reviews on both Amazon and eBay and has consistently achieved extremely positive feedback scores. The Group also has a 4.5* rating on UK Trustpilot with over 230,000 reviews. 

For further information please visit: www.musicmagpieplc.com