Buyer Found For Stricken Game Group

By DavieMarshall, 4 years ago
It has been confirmed that a buyer has been found for the remaining Game Group assets, following news reports that Opcapita was forming a rescue package for part of Game Group. The deal is said to have been approved by Game Group's lenders and will purportedly salvage 333 stores and save 3,100 jobs.

OpCapita's managing partner Henry Jackson said he had faith in the brand and the need for the stores on the British high street:

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.

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.
We understand that this bail out is for the UK branch of Game Group and is not thought to involve the international parts of the company. According to sources, Hilco and GameStop are negotiating for control over these aspect of the company.

Reports suggest that Opcapita took control of all assets held in administration for the nominal sum of £1.

This deal means that there will be no further store closures.
Credit for this story goes to SyntheticMortal