musicMagpie has confirmed rumours that it is in early-stage takeover talks with several prospective buyers.

The company said that it is in discussion with both BT Group and Aurelius Group, which recently bought The Body Shop and also owns Footasylum and LloydsPharmacy.

musicMagpie, which buys and sells refurbished electronics, made clear that talks remain at a “very early stage”.

The company says that the parties will have to make a decision about whether they will buy the business by 18 December.

In March, the retailer saw its pre-tax losses shrink to £1.5 million to £14.8 million following a positive year for the company.

In its latest annual report, the company said that revenue had grown around 12 per cent in the year to 30 November 2022.

The company attributed this to a rise in consumer technology sales to £96.6 million, which negated declining sales of books and physical media, which fell by around 18 per cent.

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