OpCapita winning eleventh hour deal to buy GAME UK, says Telegraph

Investment firm OpCapita WILL be the new owner of the UK GAME stores, according to the Telegraph.

A report this evening from the national newspaper says that discussions this weekend has put the firm back in the lead to be the owner of the chain.

OpCapital tabled a bid for GAME prior to the firm’s going into administration, but the firm’s financiers effectively ignored it.

But with no other offers and debt deadlines looming, the firm went into administration earlier this week.

Administrator PriceWaterhouseCooper allegedly had a 10-day deadline to secure the firm’s future. GAME’s bank RBS was, MCV understands, ready to step in and stop the chain from permanent closure should another buyer not step forward as we reported on Thursday morning.

The Telegraph says the OpCapita deal would safeguard "the bulk" of its remaining 333 shops and "is likely to be announced as early as Sunday morning."

If the deal goes through the report says OpCapital will buy GAME for a nominal amount of around 1 – a typical note in this type of acquisition as the buyers are actually taking on millions of pounds of debt. In GAME’s case, that’s 85m.

OpCapital also famously bought failing electricals chain Comet last year for 2.

The report adds: "Final negotiations were understood to be being completed on Saturday night. It is not known how many of Game’s remaining 2,814 employees will keep their jobs, however."

A management team is in position to run the UK business, while the rest of the the international business is still up for sale, with potential bidders including Hilco and GameStop.

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