Musicmagpie Regulatory News (MMAG)

10 August 2023

musicMagpie plc

("musicMagpie", or "the Group")

MUSICMAGPIE EXPANDS ITS KIOSK LOCATIONS

SMARTDrop Kiosks will be installed in new high footfall sites from this week

musicMagpie, a circular economy pioneer specialising in refurbished consumer technology, is expanding its SMARTDrop Kiosk network, starting with three new high profile and high footfall sites this week. The sites are Manchester Arndale (Manchester), Cribbs Causeway (Bristol) and Willow Brook (Bristol). Each of the sites are within major shopping centres and together these attract over 50m visitors per year.

musicMagpie completed an initial rollout of 290 SMARTDrop Kiosks into Asda stores across the UK in October 2022, and these latest shopping centre kiosks, along with The Trafford Centre (Manchester) kiosk announced earlier this year, represent additional installations in complementary locations, giving greater access to a wider range of customers. 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.

SMARTDrop Kiosks have proved to be hugely popular with customers since their launch in November 2020, and now account for 45% of musicMagpie's Consumer Technology sourcing in the UK. The Group is looking to expand the reach of its SMARTDrop Kiosks by placing them in new high footfall sites across the country, making selling and recycling mobile devices even more convenient and accessible for consumers.

Steve Oliver, Chief Executive Officer and Co-Founder of musicMagpie, said: "We're thrilled to announce that our SMARTDrop Kiosks will be arriving at three new major locations this week, following the successful rollout in Asda stores across the country. Our SMARTDrop Kiosk in The Trafford Centre has been one of our most successful installations to-date, and with millions of people visiting each of these new sites every year these will serve to increase brand awareness and promote the service making it easier than ever for customers to trade in their phone for cash, while doing something positive for the environment."

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About musicMagpie

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. Nearly 400,000 consumer technology products were resold in FY22. In addition, the Group re-sells approximately 10m books and disc media each year that could have ended up as waste. During 2022, musicMagpie's UK consumer tech and disc media customers, along with its trade partners, helped to save over 43,000 tonnes of CO2 by buying, selling and renting with the Group - an amount equivalent to providing heating for over 16,000 homes, or powering more than 50,000 flights from London to New York.  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 4.4* rating on UK Trustpilot with over 266,000 reviews, and is honoured to have won Best Refurbished in the Uswitch Telecoms Awards 2023 as well as Best Online Retailer and Best Secondary Market Provider at the Mobile News Awards 2023. 

For further information please visit: www.musicmagpieplc.com