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.
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."
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