OpCapita buys Game Group shops

Published:  3 Apr at 9 AM

As reported by the BBC, Game Group has announced that OpCapita has purchased 333 of its shops in the UK. The deal will safeguard the positions of nearly 3,200 Game Group staff members.

A few people from head office, who had previously been made redundant, may also be get their jobs back. OpCapita, an investment firm that specialises in retail, has established a firm called Baker Acquisitions to purchase the shops.

The video game retailer went into administration last Monday, as 277 stores immediately closed down. Administrators PricewaterhouseCoopers (PwC) also announced that 2,104 employees would be made redundant.

The transaction’s financial terms have not yet been announced, but OpCapita will allegedly not have to pay very much up front for the business. However, it will have assumed a substantial amount of the retailer's debt.

The deal has been approved by six financial institutions, which are owed £85 million between them. Henry Jackson, who is managing partner at OpCapita, said Game Group was the leading gaming brand in a £2.8 billion industry in the UK. The firm has assembled a strong group of experienced industry operators in order to implement the agenda of operational change which is needed, he added.