Mon, Nov 12, 2012 | 10:16 GMT
Game CEO backs OpCapita after Comet collapse, year earnings to hit £20m
Game is on track to make £20 million in pre-tax earnings for the current financial year, CEO Martyn Gibbs has revealed. Gibbs has also thrown his support behind OpCapita, the group that bought Game when its future hung in the balance last year. The group has just seen the collapse of electronics chain Comet, but Gibbs is still confident in OpCapita’s ability to keep the game retailer afloat.
Speaking with The Telegraph, Gibbs confirmed that combined, Game’s 330-plus UK stores and online store have generated some £20 million in pre-tax earnings, but is currently indebted to OpCapita to the tune of £106 million in loans.
MCV added to the matter by clarifying that said loans come with 9% interest and that Game is currently running without credit insurance – the very same conditions that led to Comet’s collapse.
Regardless Gibbs championed OpCapita’s support, “I have all the cash I need to trade through peak [period]. There has been nothing that I tabled that I didn’t get investment for. I can’t ask for more,” and stated that the firm currently had “significant millions” to its name.
MCV also added that should Game go belly-up as well, OpCapita would benefit as its sole creditor.
What do you make of Game’s current status, and the Comet collapse? Let us know below.