Mon, 02 Apr 2012 | ADMINISTRATION
OpCapita has bought 333 of Game's UK branches that are still open, safeguarding over 3,000 jobs in the process.
The computer gaming shop's administrators PwC sold the premises to the private investment firm through OpCapita's company Baker Acquisitions, which was set up in order to buy the stores.
Financial details of the transaction have not been announced, but reports suggest that OpCapita will not have had to pay for the business upfront. At the same time, however, it will have taken on a substantial amount of the debt incurred by the retailer.
Henry Jackson, managing partner at the investment firm, commented on the deal: “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.”
While 277 stores were closed down immediately as Game went into administration last week, the news that the remaining shops have a buyer will be welcome news. In addition to the front line jobs that have been saved, the purchase will see some senior head office workers - who had been axed by PwC – re-employed.
See our previous coverage on administrators seek buyer for Game's assets.
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