OpCapita saves 3,200 jobs as it snaps up Game for £1
Monday 02 April 2012
The private investment firm OpCapita yesterday completed the acquisition of Game Group's UK business out of administration for a nominal £1, saving nearly 3,200 retail jobs.
OpCapita is taking on the beleaguered retailer's 333 UK stores and its debts of £85m. But the turnaround specialist has not acquired any of Game's assets overseas, where it has 663 shops and employs 4,000.
Henry Jackson, the managing partner at OpCapita, said: "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." The new owner will also re-employ some of Game's head office staff made redundant last week.
David Hamid, a partner at OpCapita and former chief executive of Halfords, is the new executive chairman of Game UK. The firm's rescue of Game UK follows its acquisition of Comet, the electricals retailer, for a token £2 in February. Game's six banks, including Royal Bank of Scotland and Barclays, had initially rejected a bid by OpCapita to acquire the chain last month. This forced the listed group to call in PwC as administrator on 26 March. The accountancy firm then closed 277 stores, resulting in job losses of 2,100.
Game made an estimated loss of £18m for the year to 31 January, and key suppliers withheld products, including Electronic Arts' Mass Effect 3, pictured. Both GameStop, the US video games giant, and Hilco, the restructuring firm, are interested in Game's profitable operation in Iberia.
- 1 East 17 bandmember Brian Harvey in 'very desperate situation’
- 2 Is this bridge haunted by the ghost of nu rave?
- 3 Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
- 4 The West has it totally wrong on Lee Kuan Yew
- 5 Scientists have discovered a simple way to cook rice that dramatically cuts the calories
East 17 bandmember Brian Harvey in 'very desperate situation’
Vladimir Putin says Russia will fight for the right of Palestinians to their own state
Is this bridge haunted by the ghost of nu rave?
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
Saudi Arabia says it won't rule out building nuclear weapons
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
Revealed: Putin's army of pro-Kremlin bloggers
The West has it totally wrong on Lee Kuan Yew
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...