Game on: OpCapita buys UK retail business for £1

The private investment firm OpCapita yesterday completed the acquisition of Game Group's UK business out of administration, paying a nominal £1 and saving nearly 3,200 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.

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 £2.8bn market in the UK." David Hamid, a partner at OpCapita and the former chief executive of Halfords, is the new executive chairman of Game UK.