IamFire Plc Update on WeShop Holdings Limited

 
TIDMFIRE 
 
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY IAMFIRE PLC TO 
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION 
(EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT 
VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW 
CONSIDERED TO BE IN THE PUBLIC DOMAIN. 
 
                                  IamFire plc 
 
                                  AQSE: FIRE 
 
                           ("FIRE" or the "Company") 
 
                       Update on WeShop Holdings Limited 
 
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 since the soft launch of the platform in the United Kingdom. 
 
Highlights 
 
  * User downloads as at end of August were over 23,000 
  * Annualised gross merchant value (GMV) averaged £2.4m in July rising to £ 
    5.8m in August 
  *  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 
  * Click to purchase rate averaged 16% across both months 
  * 80% increase from July to August in number of users completing at least one 
    transaction during the month 
  * Available products on the platform have increased to over 1.2bn 
  * Over 200 national and local press pieces on WeShop launch 
  * Appointment of key hires including James Fox from TikTok 
  * Travel sector introduced to blend of merchants" 
 
IamFire currently holds £4m of Convertible Loan Notes 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. 
 
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 KPIs are tracking ahead of 
forecast. We have received some very valuable insights from our community both 
directly and from the data itself over the last 2 months and are exploiting 
this information to enhance further acquisition and engagement.  We are also 
very encouraged by the Founder Influencer Program which we launched where 
resultant engagement and GMV has been particularly high. The whole team is 
working incredibly hard to optimise the platform in anticipation of a US 
launch." 
 
 
The Directors of the Company, who have issued this RIS announcement after due 
and careful enquiry, accept responsibility for its content. 
 
REGULATORY ANNOUNCEMENT ENDS 
 
Enquiries: 
 
Company: 
[e-mail] 
 
Peterhouse Capital Limited (Corporate Adviser): 
Guy Miller: + 44 (0) 20 7469 0930 (Direct) 
 
Corporate Broker 
 
Lucy Williams: [phone] 
Duncan Vasey: [phone] (Direct) 
 
 
 
END 
 
 

(END) Dow Jones Newswires

September 14, 2022 02:00 ET (06:00 GMT)