Press releases
GAME Group plc acquires French video game retailer to further its European expansion
26/07/2005
The Board of the GAME Group plc announces that it has today signed an unconditional agreement to acquire the French video game retailer Addon for 6.2m. The acquisition provides GAME with an additional 10 leasehold properties, which have a market value of around 2m, plus a further 10 franchise stores. The properties are a strong geographic fit with the existing GAME store portfolio and bring the total number of GAME owned stores in France to 88.
The audited accounts of Addon for the 12 months to 31 March 2005 had turnover of 18.5m and adjusted EBITDA of 1m, and GAME further anticipates that cost savings will result from the combining of the two businesses.
Martin Long, Chief Executive, said:
This acquisition gives further momentum to our European expansion strategy, and ensures that we will have over 100 owned stores trading in France for the key Christmas trading period. The acquired business has an existing customer base in locations where GAME is not currently well represented.
As we move towards the launch of the new handhelds and console technologies, the acquisition demonstrates our ongoing commitment to strengthen our market leading position within Europe.
Notes:
- Addon was established in France in 1994.
- GAME now has over 650 stores, including franchises, in Europe: 400 in UK & Ireland; 88 in France (including the 10 from Addon); 54 in Scandinavia (Sweden & Denmark); and 57 in Spain. GAME also has 10 franchises in France, following this acquisition, and 47 franchises in Spain.
Enquiries:
| The GAME Group plc | Martin Long Group Chief Executive |
+44 (0)1256 784085 |
|---|---|---|
| David Thomas Group Finance Director |
+44 (0)1256 784085 | |
| Simon Soffe Head of PR |
+44 (0)1256 784442 | |
| Brunswick | Jonathan Glass Wendel Verbeek Ash Spiegelberg |
+44 (0)20 7404 5959 |
