IamFire Plc - Investee: WeShop Update

 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 4^th 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)

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