GAME confirms plans to float on stock exchange
Video games retailer GAME has announced plans to float on the London Stock Exchange.
The retailer, which sells both new and pre-owned gaming products, has completed a significant restructuring since it was acquired by investment firm OpCapita in 2012.
Its business includes a streamlined store portfolio of 560 stores across the UK and Spain compared to 874 outlets in 2012, as well as e-commerce and m-commerce channels.
In the 26 weeks to 25 January 2014, GAME generated revenue of £586.4 million compared to £427.3 million in the same period in the previous year. It now estimates that it has around a third of the video games, hardware and accessories market by revenue in both the UK and Spain.
Never Miss a Retail Update!In preparation for the flotation, GAME has also announced the appointment of three independent non-executive directors, John Jackson, Caspar Woolley and Lesley Watkins, and one further non-executive director, Franck Tuil, to complement the existing board under the chairmanship of David Hamid.
Chief executive Martyn Gibbs said: “The business is now well set to capitalise on the growing market for gaming content, whether digital or physical, new or pre-owned. A public listing will support our long-term strategy as we develop our digital offering in all our channels.”
Hamid added: “The turnaround of the GAME business is remarkable. GAME in the UK has been transformed and strengthened, while GAME in Spain has proved its resilience.
“The retail landscape is ever-changing and the business has proved it is capable of taking advantage of that pace of change. I look forward in particular to rolling out our ground-breaking digital strategy, which should underpin the business for many years to come.”
