Game will remain on British high streets after Comet-owner OpCapita acquired all of the games retailer’s remaining stores out of administration over the weekend.
Game collapsed into administration last month. Administrator PwC immediately closed 277 stores across the Game and Gamestation fascias, resulting in 2,104 job losses.
Private investment firm OpCapita’s Baker Acquisitions has acquired Game’s 333 UK shops that have remained trading throughout the administration process. The deal saves 3,200 jobs.
David Hamid, a partner at OpCapita and former chief executive of Halfords, has been appointed executive chairman of Game UK, while former Gamestation boss Martyn Gibbs has been appointed chief executive.
It is not known how much Baker paid for the business, but it is thought the banks have had to take a hair cut on the debt owed to them.
Baker said there are “no plans for further store closures”.
Baker said it will also seek to re-employ a “small number” of staff who were made redundant as part of the administration process.
The rest of Game’s overseas stores still remain in administration.
Rivals in the games sector have been seeking to take advantage of the market leader’s troubles. Tesco, for instance, made a play for Game’s market share with a new press ad campaign in which it called itself the “home of gaming”. Last week, Sainsbury’s launched its biggest ever sale on games.
OpCapita managing partner Henry Jackson 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 £2.8bn 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.”
PwC administrator to Game Mike Jervis said: “We are delighted to be able to secure this business sale and provide some much needed stability for customers, suppliers and employees alike in these uncertain times.
“The support of these stakeholders has been crucial over the last week and I would like to thank them for their support throughout this difficult period.
“This means that the GAME brand will not be another one of the retail names disappearing from the high street in the current difficult climate.”