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.
- 2 How the language you speak changes your view of the world
- 4 Italian police 'reveal' what Jesus looked like as a young boy
'Fire at every person you see': Israeli soldiers reveal they were ordered to shoot to kill in Gaza – even if the targets may have been civilians
Italian police 'reveal' what Jesus looked like as a young boy
Who should I vote for? The Independent quiz matches best political party for undecided voters ahead of the general election
First-time buyers in London 'need to earn at least £77,000'
General Election 2015: Photographic history of Bullingdon Club tracked down - including new picture of David Cameron in his finery
In defence of liberal democracy
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
iJobs Money & Business
£20000 - £25000 per annum + Uncapped commission: SThree: Can you speak German,...
£25000 - £30000 per annum + benefits: Ashdown Group: An exciting opportunity f...
£215 per day: Ashdown Group: Junior Project Manager (website, web application ...
£40-50K: Guru Careers: We are seeking an experienced Software Engineer / Softw...