IamFire Plc Investee: WeShop Update

 
TIDMFIRE 
 
21 November 2022 
 
                                  IamFire plc 
 
                                  AQSE: FIRE 
 
                           ("FIRE" or the "Company") 
 
                            Investee: WeShop Update 
 
IamFire is pleased to share the following update received from WeShop Holdings 
Limited regarding performance figures since the soft launch of the WeShop 
platform and initial rollout of influencer campaigns. 
 
"WeShop is pleased to report the following highlights for the months of July 
and August 2022 since the soft launch of the platform in the United Kingdom. 
 
Highlights 
 
    --  User downloads as at 19 November 2022 were 43,000, up from 23,000 on 1 
September 2022 
 
    --  Annualised gross merchant value (GMV) averaged £12.1m in October, a 
significant increase from the £2.4m reported for July 2022.  Annualised GMV 
passing through the platform has been rising steadily throughout the period, 
with the August figure at £5.8m and September at £9m. 
 
    --  Average spend per transaction increased from £75 in July to £81 in 
 
        August 
 
    --  Transactions increased from 2,633 in July to 5,981 in August 
 
    --  The number of users completing at least one purchase through the 
platform in November exceeded the total number of users registered in October. 
 
       -- 7,900 transactions have already been completed on the platform up to 
19 November.  This compares against a total number of transactions for October 
of 6,970. 
 
Richard Griffiths, Chairman of WeShop Holdings Limited said: 
 
"We are exceptionally pleased with the commercial progress of WeShop since the 
press launch on the 4th July 2022 and our key performance indicators continue 
to track ahead of forecast.  The Founder Influencer Program which was launched 
back in July appears to be delivering strong results in terms of user 
acquisition leading to spend through the platform.  Our focus continues to be 
on the optimisation of the platform in anticipation for a launch in the US and 
the listing of the Company on a US exchange." 
 
IamFire currently holds £4m of Convertible Loan Notes (CLNs) in WeShop Holdings 
Limited.  It also holds the right to subscribe for a further £3.75m in CLNs. 
In addition, it holds a £4.5m CLN in Community Social Investments Limited 
("CSIL") (formerly WeShop Limited), the conversion of which is currently 
subject to a shareholder vote by CSIL shareholders. 
 
 
The Directors of the Company accept responsibility for the contents of this 
announcement. 
 
REGULATORY ANNOUNCEMENT ENDS 
 
Enquiries: 
 
Company: 
[e-mail] 
 
Peterhouse Capital Limited (Corporate Adviser): 
Mark Anwyl/Guy Miller: + 44 (0) 20 7469 0930 (Direct) 
 
Corporate Broker 
 
Lucy Williams: [phone] 
Duncan Vasey: [phone] (Direct) 
 
 
 
END 
 
 

(END) Dow Jones Newswires

November 21, 2022 02:00 ET (07:00 GMT)