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Posted by drew10 on Apr 2, 2012
Saved GAME – OpCapita Buy GAME Stores Group

Saved GAME – OpCapita Buy GAME Stores Group

As rumoured for some time OpCapita have finally pressed through a deal to purchase the remaining 333 GAME Stores in the UK. OpCapita has always been favourite to buy GAME despite the BBC recently reporting that RBS was about to step in for the troubled retailer.

In a deal worth £50m GAME will now continue trading in the UK, safeguarding some 3200 jobs. OpCapita will also be re-hiring some of the senior head office staff axed last week by administrators PwC and former Halfords’ chief executive David Hamid will be installed as a new chairman for the group.

GAME’s banks will have to take a 55% write-down of the £88m owed and some £40m owed to suppliers will have to be written off. However, it seems likely that agreements will have been made to get new software into shops as soon as possible.

In a statement, OpCapita’s managing director Henry Jackson said “We strongly believe there is a place on the high street for a video gaming specialist and we have assembled a strong team to implement the programme of operational change needed. There is a huge amount to do but we look forward to the challenge of restoring GAME’s fortunes in partnership with its employees and suppliers.”

Good news all round then. Although no word yet on whether customers gift vouchers or pre-orders would be valid again. We are going to endeavour to find out and, as always will keep you posted.

 

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