Equity investment sees former ASDA CEO join Music Magpie
Online used entertainment retailer Music Magpie has received a multi-million pound investment from a private equity firm which will see the former CEO of ASDA, Allan Leighton join the board.
Private equity firm LDC has not disclosed how much it has invested, although it has been rumoured that the sum is around £10 million in order to take a minority shareholding into the company that now employs over 500 people.
Music Magpie is an online service which offers valuations to users looking to sell unwanted CD’s, DVD’s and video games and is owned by Magpie Entertainment in Macclesfield.
The funding will allow Music Magpie to increase its online purchasing and sales capabilities overseas, while also developing a series of consumer marketing campaigns across central European countries to grow brand awareness.
Allan Leighton will take the role of chairman at Music Magpie.
He said: "I look forward to working with the business’ dynamic and entrepreneurial management team, who have positioned the business well for the next phase of growth that will see the company accelerate its international sales and increase its share of the UK replay CD, DVD and Games categories."