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GAME 'in good shape', on course to make £20m

CEO Martyn Gibbs backs owner OpCapita following Comet collapse

The boss of GAME Group insists the retailer is in "good shape" following its takeover by private investment firm OpCapita earlier this year.

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CEO Martyn Gibbs told The Telegraph that the company expects to report £20 million in earnings before interest, taxes, depreciation and amortisation in the year ending July 2013.

Gibbs also claimed that GAME has maintained its 36 per cent UK market share despite the closure of half of its stores.

While OpCapita bought GAME out of administration in April, the firm has structured its investment in the company in much the same manner as it did with Comet - GAME is operating without credit insurance, one of the main reasons cited for the electrical store's collapse.

GAME is also estimated to be making as much as £10 million in annual interest payments to OpCapita, which will be the leading secured creditor if the firm goes out of business.

But Gibbs backed OpCapita, noting that any interest payments are "not at all" impeding the business, adding: "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."

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