BT has confirmed it will not make an offer for MusicMagpie, just days after private equity firm Aurelius Group, which owns Footasylum and The Body Shop, also backed out of discussions.
Shares in the secondhand technology retailer fell 14% on Monday following the news, although the business confirmed it continues to seek possible buyers.
“There can be no certainty that any offer for the company will be made, nor as to the terms of any such offer. Accordingly, shareholders are advised to take no action at this time,” it said.
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MusicMagpie is on the hunt for a buyer just two years after going public, following sluggish US growth and a falling share price.
It comes despite a surge in demand for secondhand technology.
Research from electricals retailer Currys found that more than a third (36%) of Brits said they were likely to buy second-hand tech ahead of Black Friday and Christmas shopping this year.
In addition, the research, which looked into the figures behind the ‘refurbished revolution’ in tech, found that Brits are now more likely to buy refurbished tech than they are to buy second-hand clothes (19%).
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