Shares in musicMagpie have jumped by more than a quarter after its contract to sell consumer electronic products on an online marketplace dedicated to refurbished devices was announced.
The Stockport-headquartered company's products will launch on Back Market by the end of the month and in the US by the middle of May.
In addition to mobile phones, the agreement includes tech categories such as games consoles, tablets, wearables and MacBooks.
Following the news being announced on Monday, April 25, shares in musicMagpie had increased by more than 26% to 56.7p by 2pm.
Steve Oliver, chief executive and co-founder of musicMagpie, said: "I am delighted that musicMagpie's wide range of high-quality refurbished consumer technology products will be available on Back Market's fast-growing marketplace.
"musicMagpie enjoys immense brand trust, developed over 15 years of recommerce activity, which will further encourage Back Market's users to choose a refurbished device.
"musicMagpie and Back Market operate complementary models and have a shared mission to challenge consumers to rethink their tech product consumption, make restored devices mainstream, and tackle the growing problem of e-waste.
"This is therefore an exciting partnership that will help musicMagpie's products reach a wider audience and give Back Market users a greater breadth of choice. We look forward to working with Back Market in what we are confident will be a long and fruitful relationship."
Thibaud Hug de Larauze, co-founder and CEO of Back Market, added: "Back Market is committed to working with the best resellers and refurbishers to ensure that buying renewed is easier, cheaper and more appealing for everyone.
"We're delighted to join forces with musicMagpie, the pioneers of the refurbished tech industry in the UK, and this partnership represents an opportunity to further expand the refurbished tech market in the UK.
"The milestone partnership for Back Market will give even more people access to refurbished tech that they can trust, and more choice when it comes to helping to tackle the global e-waste crisis."
The increase in musicMagpie's share price comes after it had fallen from 162.5p on March 1 to 42.5p on April 1.
