BT and Aurelius walk away from Musicmagpie deal
BT and Aurelius Group have both confirmed today they have no intention of making an offer for Musicmagpie following reports of its sale earlier last week.
The owners of the second-hand smartphone seller said on 20 November they were in the early stages of exploring a sale of the business to both BT and Aurelius Group.
But the deal seemed to have fallen apart today after BT and its partner said they do not intend to make an offer for the business. They did not give a reason for the change in direction.
Responding to the announcements from BT and Aurelius, Musicmagpie said it continued to seek potential buyers and remains in an “offer period.”
The discussions of the sale followed speculation by The Telegraph that the group was on the hunt for a buyer just two years after the business made its debut on the London market.
The group has struggled to live up to expectations, and its value has slumped from £200m to £20m in the last two years.
It has struggled to break into the US market and postal strikes in the UK have hit earnings. Its most recent interim results showed underlying earnings, growing 42 per cent to £2m in the second quarter.