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GAME is rescued from administration

Last minute buyout saves thousands of jobs

GAME Group has finally found a buyer in the form of OpCaptia which has bought the retailer for an undisclosed amount.

The news comes after GAME went into administration last week. OpCapita specialises in operational turnarounds in retail, consumer and leisure sectors will pump capital into the company to return it to a ' normalised basis'.

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."

Under the agreement Baker Acquisitions, an entity advised by OpCapita, the 333 GAME stores which didn't close down during administration will remain open, saving almost 3,200 jobs.

The employees will transfer to Baker which will safeguard their jobs. The firm will also look to re-employ some GAME head office staff who were made redundant and said there are "no plans" to close any more stores.

Mike Jervis, administrator to GAME Group 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."

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