The figure GAME may have to pay if it loses its court case with its landlords is £3m, not the ‘tens of millions’ as originally reported in the national press.
The firm made the statement on record at a court hearing today in an effort to calm fears that this case could impact the company’s future plans, including a widely reported flotation bid.
The case brought against GAME by its landlords is over rents the retailer did not pay after it fell into administration in 2012.
Under current law, GAME is not required to pay the rent, but the landlords – which include Land Securities, Hammerson and British Land – are using the retailer as an example case in an effort to get the administration ‘loop hole’ changed.
The case is on-going, and MCV will bring you details as it breaks.
Leading Counsel for GRL (the landlord consortium) John McGhee QC said in court: “Before I go on, I just wanted to make one brief point of clarification. You may be aware that there have recently been reports in the press concerning this case. I understand that some of those reports have suggested that the value of the landlords’ claim in this case is in the “tens of millions of pounds”. In fact, for my client the maximum value of this claim is in the region of three million pounds. In case there is anyone in this courtroom to whom that is of interest, my client would like that fact on record.”