Three win pounds 32m in Game - Business - News - The Independent

Three win pounds 32m in Game

THREE entrepreneurial brothers will share pounds 32.8m when Game, the computer software retailer, comes to the market next month, after the company's shares were priced at the top end of expectations. The trio, led by chairman Neil Taylor who co-founded Game in 1990, will sell around half of their existing 48.6 per cent stake. They will retain a 22.65 per cent stake, worth pounds 33.5m.

"We won't have a large binge but we might have a small one," Mr Taylor said. "We will certainly have some sort of celebration."

The float continues a remarkable run of entrepreneurial success for the three Taylor brothers, whose father David was managing director of the Tozer Kelmsley and Millborne motor dealership group in the 1970s.

While Neil, 37, has been running Game, his 40-year-old brother Carey has been running the Metropolis recording studio in Chiswick, London. The studio is used by many top artists, including George Michael, who recorded his Listen Without Prejudice album there. The oldest brother, 43-year-old Chris, is no slouch either. He co-runs a company called Origin Products which designs toys for many of the world's top toy manufacturers such as Mattel, Disney and Hasbro.

"We didn't have any money to start off with. We all made our own way," says Mr Taylor.

Game's shares were priced at 200p yesterday, valuing the business at pounds 148m. At that price the shares trade on a historic multiple of 25.3. The company said the float had proved popular with institutions and was heavily oversubscribed.

Game is raising pounds 8.5m net of expenses and the proceeds will be used to fund store expansion. Game opened its 66th store on Saturday and has identified 150 towns which could support a Game outlet.

The shares start trading on 3 June.

Investment column, page 24

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