Game Group shops sold to OpCapita
- 1 April 2012
- From the section Business
The administrators of Game Group have announced that the 333 of its UK shops that are still open have been sold to OpCapita.
The agreement will safeguard the jobs of nearly 3,200 Game Group employees.
A small number from head office who were previously made redundant may also be re-employed.
OpCapita is a private investment firm specialising in retail. It has set up a company called Baker Acquisitions to buy the shops.
Last Monday the video game retailer went into administration, with 277 stores closing down immediately.
Administrators PricewaterhouseCoopers (PwC) also announced at the time that 2,104 staff would be made redundant.
The financial terms of the transaction have not been announced, but it has been reported that OpCapita will not have had to pay much for the business up front, although it will have taken on a considerable amount of the retailer's debt.
BBC business editor Robert Peston revealed on Saturday that the deal had been approved by six banks, led by the Royal Bank of Scotland, who are owed £85m between them.
"We strongly believe there is a place on the high street for a video gaming specialist and Game is the leading brand in a £2.8bn market in the UK," said Henry Jackson, managing partner at OpCapita.
"We have assembled a strong team of experienced industry operators to implement the programme of operational change that is needed."