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Adam Laird of Magicalia Ltd., one of three majority shareholders, said, when pushed, there might be an announcement in this weekend’s newspaper but wouldn’t divulge any details, saying the subject was "sensitive" so he wasn’t in a position to be able to comment.
Unconfirmed reports suggest the company will be bought by investors for £13m. Laird would not confirm this amount nor that any third party company was involved at all. He brushed off an alternative suggestion that a float was on the table.
Laird founded Magicalia in 1999 with Jeremy Tapp. They started by publishing Bikemagic.com. The tech that drove the site was later rolled out on other enthusiast-driven websites in the fishing and sailing markets.
The London company also manages e-commerce websites for Cycle Surgery, Leisure Lakes, Swinnerton Cycles, Parker International, Rutland Cycling, Total Cycling and Sigma Sport.
In 2001, Magicalia raised £1m in funding from venture capital firms including Matrix Private Equity and Atlas Ventures.
At the time, the company was valued at £3m.
