A major investor in musicMagpie has sold its entire stake, according to newly-filed documents with the London Stock Exchange.
Liontrust Asset Management Plc has liquidated its holdings in the Stockport-headquartered company which had totalled more than 8.9%.
The investor had been one of the largest single backers of musicMagpie alongside the likes of Canaccord Genuity Wealth Group and co-founder Steve Oliver.
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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 14p today.
musicMagpie confirmed recently that its profits are forecast 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 remains 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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