A global investor has built up a sizeable stake in musicMagpie to become one of its largest shareholders.
Over three separate moves over the last week, Schroders has increased its holdings in the Stockport-headquartered business from 7.8% to 12.3%.
The move makes it the second largest single investor in the company, behind Northern Entities - shareholdings of funds managed or advised by NVM Private Equity LLP and Mercia Fund Management Limited.
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Other major investors in musicMagpie also include Canaccord Genuity Wealth Group and co-founder and CEO Steve Oliver.
The investment comes after Liontrust Asset Management sold its entire stake in the company at the start of October.
musicMagpie floated on the London Stock Exchange's AIM in April 2021 in a move that valued it at more than £200m.
However, since then its shares have been slashed from almost 200p to just over 13p today.
In September musicMagpie said its profits are set to be below previous expectations as the "worsening economic outlook and increasing cost of living pressures on the UK consumer" is set to impact this year's Black Friday sales.
The company added that its revenue generated in the second half of its financial year will show lower growth compared to the first half than previously expected.
However, the business said it remained confident in the group's "strategy and in its medium-term growth prospects, underpinned by the growing and differentiated rental proposition".
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