TIGA, the trade association representing the UK video games industry, welcomed
the news that a deal had been reached which should save many of GAME’s jobs and
stores. OpCapita, a turn-around
investment firm, has paid for control of GAME’s UK assets. It is thought that
GAME’s six lenders, including the Bank of Scotland and Barclays have agreed to
take a ‘hair cut’ or reduction in the amount of debt owed to them. GAME was
placed in administration at the end of March after the group was unable to pay
its £21 million rent bill (http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/leisure/9178309/Game-Groups-UK-shops-rescued-by-OpCapita-deal.html)
Dr Richard Wilson, TIGA CEO, said:
“This is good
news for GAME and for UK consumers. This deal should save many jobs and stores
and will buy GAME breathing space during which it can develop a new business
strategy. GAME has suffered from
physical and online competition, the shift from physical to digital games, and the
decision by big global publishers not to stock GAME with new releases.
“Given the rapid transition to digital gaming
with consumers spending money on platforms such as Steam, Origin, the App
Store, PSN, XBLA and Android market, GAME will have to develop a digital
strategy – fast.
“More generally, it is vital that we support
the growing number of small to medium sized developers and digital publishers that
have emerged over recent years. TIGA are working hard to support these studios
in a variety of ways, including through the provision of best practice
information and advice.”
End
About TIGA:
TIGA is the trade association representing the UK’s games industry. The
majority of our members are either independent games developers or in-house
publisher owned developers. We also have games publishers, outsourcing
companies, technology businesses and
universities amongst our membership. TIGA won 10 business awards and was nominated a finalist for 9
other awards during 2010 and 2011. In 2010 TIGA won two business awards including
‘Trade Association of the Year’ from the Trade Association Forum.
In 2011, TIGA
won eight business awards including ‘Trade Association of the Year’ from the
Trade Association Forum, ‘Outstanding Organisation’ from the Chartered
Management Institute and two Global Business Excellence Awards, including
‘Outstanding Marketing Campaign’.
Richard Wilson won the ‘Leadership Award’ from the Trade Association
Forum and the ‘Outstanding Leader’ award from the Chartered Management
Institute. TIGA is an Investors in People organisation.
TIGA's
vision is to make the UK the best place in the world to do games
business.
We focus on three sets of activities: political representation,
generating media coverage and developing services that enhance the
competitiveness of our members. This means that TIGA members are
effectively represented in the corridors of power, their voice is heard in the
media and they receive benefits that make a material difference to their
businesses, including a reduction in costs and improved commercial
opportunities.
For further information, please contact
Dr Richard Wilson, TIGA CEO on: 07875 939 643, or email richard.wilson@tiga.org.