Electrical retailer, AO World, is set to buy a second-hand tech buyer for £9.98m.

The bid for MusicMagpie will help boost AO World's presence in the consumer tech and mobile market, as reported by Retail Gazette.

MusicMagpie provides a sustainable buying, selling and rental service for refurbished tech.

The deal is expected to complete early next year, with MusicMagpie's board unanimously supporting the move.

AO World said the complementary business models of the two companies would help AO to broaden its customer offering and drive growth in key product categories.

It added that a 'top-tier trade-in service' is essential for its growth and that MusicMagpie is a 'significant enabler' in that sector. MusicMagpie should also benefit from lower acquisition costs through AO's supply channels, allowing the business to scale refurbished tech.