UK video games retailer GAME has confirmed it is going to float itself on the stock exchange under the name GAME Digital.
It’s a remarkable change of fortunes for a company that in March 2012 fell into administration, causing it to lose over 300 stores – including the death of its other retail brand Gamestation – and face up to the prospect of extinction.
Just days later however Game Retail rose from the ashes, backed by OpCapita. In April 2012 it was delisted from the London Stock Exchange. But two years later the chain has undergone significant restructuring, exceeding all expectations with a very strong finish to 2013.
New filings confirm that for the 26 weeks ending January 25th revenues reached £586.4 million, up from £427.3 million the year before. GAME currently has 560 stores across the UK and Spain.
Four new non-executive directors have been hired ahead of the flotation – John Jackson, Caspar Woolley, Lesley Watkins and Franck Tuil. The company has also confirmed the agreement of new terms with HSBC for a £50m stock finance facility.