IamFire Plc - Update on WeShop Holdings Limited

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 4^th 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)

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