GAME Group agrees new finance deal

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Struggling GAME Group has been offered a lifeline after its lenders agreed to revise the terms of its banking facilities.

The game and console retailer said in an announcement today that it had 'concluded discussions with its lending syndicate and agreed revised terms for its facilities'.  
 
The group, which warned last month it that it may breach the terms of its loans, also forecast an underlying pre-tax loss of around £18 million for the year to 31 January.

GAME has agreed to provide an updated strategic plan for review, and approval in part, by its lending syndicate which is led by Royal Bank of Scotland.

The plan will cover all aspects of the business's activities and strategy, including its overseas operations.

Ian Shepherd, CEO of GAME said "We're pleased to reach agreement with our lenders, but should be under no illusions about the challenges in our market or the hard work that is required to deliver our strategic plan."

GAME operates 610 shops in the UK and Ireland and another 665 in Europe and Australia.

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