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Gear4music to open Soho store with funds raised from IPO

Online musical instrument retailer Gear4music has announced plans to open a flagship store in London’s Soho.

The company, which is based in York, was established 12 years ago, is expected to raise £10.3m with its flotation later this week.

The placing price for the shares has been set at 139p, which gives the company a valuation of £28m, according to The Guardian.

Since it was set up by founder and chief executive Andrew Wass in 2003, Gear4music now operates websites that do business in 19 different countries and 15 languages.

A number of the brands sold through Gear4music dictate that there should be a physical space for their products to be shown off.

The funds raised will be used to develop e-commerce technology and open the Soho store in the region of Denmark Street - an area famous for music venues and shops in the 20th Century.

This was posted in Bdaily's Members' News section by Ellen Forster .