RSS Feeds NGN on Facebook NGN on Twitter NGN on YouTube
Welcome, Guest. Login | Register | PW? ]
Header logo
Index » News » All

GAME UK retail chain sold to investment group


Agreement reached to save jobs, stores

Posted on Apr 2, 2012 - 11:25am EST (Apr 2, 2012 11:25)

PwC, Administrator to The Game Group, and OpCapita, the private investment firm specialising in operational turnarounds in the retail, consumer and leisure sectors, have announced that they have reached agreement on the sale of GAME's UK assets to Baker Acquisitions Limited, an entity advised by OpCapita.

Under the terms of the transaction, Baker Acquisitions will acquire the UK business out of administration and will provide it with the capital it needs to trade on a normalised basis. Baker will acquire all 333 UK stores that have remained open during the period of administration.

The agreement means that the jobs of nearly 3200 GAME employees, who will transfer to Baker, have been safeguarded. Baker Acquisitions will also seek to re-employ a small number of staff who previously worked at GAME's head office but who received redundancy notices last week. There are no plans for any further store closures.

Commenting on the agreement, Henry Jackson, Managing Partner of OpCapita said: "We are pleased to have reached agreement with the Administrator. 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. We have assembled a strong team of experienced industry operators to implement the programme of operational change that is needed. There is a huge amount to do but we look forward to the challenge of restoring GAME's fortunes in partnership with its employees and suppliers."

Financial terms of the transaction are not disclosed.


Share

Comments
blog comments powered by Disqus
There are currently 0 members and 54 guests on the website right now.
Who's On?
Activity in the past 10 minutes:
  • 54 guests
Popular News this Month
Contest: Win a Destiny Beta code on Xbox One
The beta launches on Microsoft console this week, so grab a code!

Posted 10 days ago by SpectralShock
Comments (0)

Contest: Win a Destiny Beta code...
We are giving away two entries into the beta that launches this week
18 days ago

Electronic Arts reveals EA Acces...
Play full select games from the publisher for $4.99 a month, plus more discounts
3 days ago

Independence Day event begins in...
Bonus cash, rewards, discounts and more this weekend
29 days ago

Microsoft to close Xbox Entertai...
Division originally created to produce high end video content
13 days ago

2014 International Dota 2 Champi...
Valve to showcase its gaming event live on ESPN3
15 days ago

Final episode of The Wolf Among ...
Episode 5 concludes the season
23 days ago
Last 6 Months Platform
Other
1. Sony raises PS4 pricin...
Posted: 139 days ago
Author: SpectralShock

PC
2. Red Orchestra 2: Heroe...
100 days ago

Other
3. Guacamelee heading to ...
148 days ago

PC
4. Child of Light now ava...
93 days ago

PC
5. Ubisoft creating eBook...
105 days ago

Other
6. DBZ: Battle of Z adds ...
128 days ago

Other
7. Video Games Live: Leve...
156 days ago

Other
8. Final planned DLC for ...
135 days ago

PC
9. MotoGP 14 releasing in...
63 days ago

PC
10. Far Cry 4 announced
78 days ago
Latest Comments
PlayStation Now enters...
Jul 31, 2014 by Erak
theoretically if its cheaper...
Erak

Koch Media acquires...
Jul 30, 2014 by nutcrackr
So perhaps this was actually the...
nutcrackr

Koch Media acquires...
Jul 30, 2014 by luize
Hmm wow, sounds like Crytek is...
luize

Electronic Arts...
Jul 29, 2014 by propyl21
a free back catalogue,...
propyl21

Electronic Arts...
Jul 29, 2014 by Reliant
What I think is smart about this...
Reliant

pfooter
Advertisement ▼