The 50-store Gadgetshop fell into administration in March, following a disagreement among senior managers. Its owners included, among others, Tom Hunter's West Coast Capital and former Gadgetshop executive chairman Chris Gorman.
Gary Grant (pictured), owner of 36-store The Entertainer, said he was poised to sign the deal as Retail Week went to press, adding the sum involved is 'serious money'.
He plans to open between five and 10 pilot stores via property agent Reed Rose Gregory and is targeting former Gadgetshop sites now with landlords.
'I hope to have a store or two up and running by the end of June,' Grant said. He believes Gadgetshop had been a well-marketed business. 'If you asked any man in the street he would know what it was,' he said.
Grant said his son Stuart is 'plugged into the market' and will be Gadgetshop head buyer.