GAME Group PLC have been given a lifeline after the commercial property chain was bought out of administration from PricewaterhouseCoopers (PwC) by OpCapita, an investment firm which specialises in turning around struggling companies in the retail sector.
OpCapita have set up a company under the name of Baker Acquisitions Limited, which will buy the 333 commercial properties that remained trading during the administration talks. The move will also safeguard the jobs of 3,200 GAME Group employees and also may offer recently made redundant employees their jobs back as well.
Speaking of the sale, Managing Partner of OpCapita, Henry Jackson, said: “We are pleased to have reached agreement with the Administrator.
“We strongly believe there is a place on the high street for a video gaming specialist and GAME is the leading brand in a £2.8 billion market in the UK.”
Although the deal has been agreed, the financial implications as to what OpCapita paid for the business have not been announced as yet. It is, however understood that they have not paid a great deal for the company, but will take on the group’s debt. Their debts include:
Mike Jervis, PwC Administrator for the GAME Group PLC, expressed his delight to the retail chain remaining on our high streets: “We are delighted to be able to secure this business sale and provide some much needed stability for customers, suppliers and employees alike in these uncertain times.
“The support of these stakeholders has been crucial over the last week and I would like to thank them for their support throughout this difficult period.
“This means that the GAME brand will not be another one of the retail names disappearing from the high street in the current difficult climate.”
However, Baker Acquisitions Limited has a long way to go to get the GAME Group in the forefront of people’s minds when shopping for computer and video games, but Henry Jackson is optimistic about the future. He said: “We have assembled a strong team of experienced industry operators to implement the programme of operational change that is 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.”
