OpCapita bids again to acquire troubled Game

  • @Thompj

The turnaround specialist OpCapita submitted another bid to acquire parts of the troubled video games retailer Game Group out of administration yesterday.

But the retailer's syndicate of six banks is also continuing to evaluate a separate proposal to keep the UK chain on the high street, as part of a debt-for-equity swap.

OpCapita had its initial offer for Game rejected by the banks, including Royal Bank of Scotland and Barclays, last week. This forced the retailer to appoint PwC as administrator on Monday, following the chain's failure to pay its £21m second-quarter rent. The accountancy firm closed 277 of Game's 610 UK shops, resulting in 2,089 redundancies.

GA Europe, the retail restructuring firm, is supporting PwC with the ongoing trading of Game, as well as the UK store closure programme.

OpCapita is thought to be interested in acquiring the 333 Game stores that remain open. The separate bank-led rescue would see the lenders buy parts of the UK business and hire a management team to run it until Game could be sold.

GameStop, the US giant, is thought to have bid to acquire Game's Iberian business and its operation in the Czech Republic. Game has 663 shops overseas.

All parties declined to comment.