GAME Group has reportedly been handed an ultimatum from its creditors over the weekend - secure £180 million to stave off incoming debts, or face administration.
The Sunday Times noted that the specialist retailer chain has a lot of bills to pay in the next couple of weeks - a £21m rent payment, £12m for wages, over £10m in deferred VAT and £40m to video game suppliers. That's on top of the money it already needs to pay back its consortium of money lenders, headed by Royal Bank of Scotland.
Emergency talks have apparently been held with a number of potential investors, but what is adding concern is that any new backer coming in to rescue GAME Group will be left holding a £100m tab to pay the lenders, consisting of six banks in total. Last week, Comet owner OpCapita has been interested, but it has since been denied as it was not certain that it could sufficiently prop up the flagging retailer.
As always, we wish GAME's employees and the future of the company all the best. Let's hope someone out there is a bad enough dude to take on its debts.
Source: The Sunday Times
The Sunday Times noted that the specialist retailer chain has a lot of bills to pay in the next couple of weeks - a £21m rent payment, £12m for wages, over £10m in deferred VAT and £40m to video game suppliers. That's on top of the money it already needs to pay back its consortium of money lenders, headed by Royal Bank of Scotland.
Emergency talks have apparently been held with a number of potential investors, but what is adding concern is that any new backer coming in to rescue GAME Group will be left holding a £100m tab to pay the lenders, consisting of six banks in total. Last week, Comet owner OpCapita has been interested, but it has since been denied as it was not certain that it could sufficiently prop up the flagging retailer.
As always, we wish GAME's employees and the future of the company all the best. Let's hope someone out there is a bad enough dude to take on its debts.
Source: The Sunday Times
Companies:
Game
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