Only a couple of years ago, entertainment specialist Game collapsed into administration.

Only a couple of years ago, entertainment specialist Game collapsed into administration.

This week the retailer revealed it intends to list on the main market and it could be valued at about £400m.

The improvements at Game are a great credit to chief executive Martyn Gibbs and his team who have brought focus by for instance keeping a trim store estate, concentrating on gross profit margin and investing in the development of digital capabilities.

And it’s good to see that while existing backers would be able to realise some of their investment, net proceeds from the IPO will be used to enable continued growth.

But there must be a big question mark over whether it is the right time for Game to float.

Game is not an entrepreneurial start-up coming to market. It spent 10 years as a listed company before going skint in 2012. The only other example that springs to mind of a retailer being listed so soon after administration is Bonmarché, but really it was simply a victim of parent Peacocks’ financial structure.

Despite the good work done, many of the IPO selling points could surely have applied to the ‘old’ Game – a high market share and its status as a key partner of suppliers, for instance. They didn’t save it back then.

Game may also, perhaps unfairly, suffer from its former association with Henry Jackson, who achieved notoriety for his part in the Comet debacle.

There’s also the question of whether the retailer remains in thrall to the games product cycle, where the market may go next and how well positioned Game is for disruption.

Even as Game’s IPO plan was disclosed, there was speculation that Google-owned YouTube is to buy game streaming site Twitch for $1bn.

Believe it or not, Twitch shows online videos of people playing their computer games and has 45 million users per month. There was also acquisition interest in it from Microsoft among others, as well as YouTube.

Who would have imagined that a couple of years back? When such change is unfolding in the wider games market, Game has a lot to prove in order to win over potential investors.