Parent company of MusicMagpie eyes up London float

The parent company of MusicMagpie, the website that sells unwanted phones and other electricals, is looking to list on the London stock exchange, according to reports.

Entertainment Magpie Holdings has invited investment banks to pitch for a role on an initial public offering, Sky News reported.

Read more: Sonic and Little Red Planet game developer in £145m float

The date of the float has not been set, but will depend on how the company progresses in the period after Christmas.

In accounts filed at Companies House, Entertainment Magpie Holdings suggested it was looking to become the biggest brand for electricals recycling in the UK.

The firm said in its accounts: "Management believes that the strength of the business's multi-sales channel approach, together with its operational and logistics strength, ongoing technology development, unique customer proposition, efficient marketing practices, and excellent customer service practices will cement the ambitions of the group to be known as 'The Recommerce Company'."

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