Jobs saved as Gordon Brothers acquires Blockbuster Entertainment Ltd
TS 1973 Investment Holdings Limited, a subsidiary of global private equity and investment company Gordon Brothers Europe, today announces the acquisition of the business and assets of Blockbuster Entertainment Ltd and Blockbuster GB Ltd.
The 264 stores across the UK and Channel Islands will continue to operate on a ‘business as usual’ basis saving over 2,000 British jobs. The deal will see substantial investment from Gordon Brothers Europe, which intends to fully utilise the existing trading platform, powerhouse brand and extensive customer database. The company will focus on enhancing the customer experience through the use of new product offerings, new technologies and better basic retailing helping Blockbuster become a viable business once again.
Last month Gordon Brothers Europe lent its global expertise to improve the trading position of the ailing Republic fashion chain driving a 2.5 times increase in sales, whilst maintaining a stable margin that facilitated a going concern trade sale.
Former HMV UK and Ireland Commercial Director Gary Warren has been appointed as Managing Director of Blockbuster. With over 20 years working in the retail sector, Warren’s experience also includes a high-powered role at HMV North America and Canada, as Vice President of Operations and Product from 2001 – 2005.
Commenting on the acquisition, Frank Morton, CEO of Gordon Brothers Europe said: “We are delighted to announce the acquisition of Blockbuster. We acknowledge the industry is in transition; we know that we have a challenge ahead but there is still a market to be served. Blockbuster has a strong brand affinity and we believe that with the right mix of new product offering, new technologies, strategic management and marketing, we can bring new life to this high street staple. We look forward to working with employees, suppliers, landlords and other stakeholders to make this happen.”
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