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Game agrees £52m takeover by Sports Direct - what does this mean for Ipswich store?

PUBLISHED: 14:42 24 June 2019 | UPDATED: 15:17 24 June 2019

Mike Ashley�s Sports Direct has taken over Game in a �52m deal. Photo: Archant / PA Images.

Mike Ashley�s Sports Direct has taken over Game in a �52m deal. Photo: Archant / PA Images.

Archant

Game has agreed to a £51.9m takeover from Sport Direct - in a deal expected to bring store closures across the UK.

The move with see billionaire Mike Ashley add yet another big name retailer to his high street portfolio.

Sports Direct first bought a 26% stake in the gaming retailer back in 2017.

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Earlier this month it increased its share to 38.5% - automatically triggering a takeover bid.

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The gaming retailer has now accepted a 30p-a-share offer, however it says it did not really have a choice but to go with the deal.

A Game spokesman said: "In coming to this recommendation, the board has considered the growing size of Sports Direct's shareholding in the Group and the reliance Game has on Sports Direct for supporting its future growth prospects combined with the ongoing industry headwinds, current negative retail market outlook and the likely elongated current console lifecycle which are expected to impact the future financial performance of the group."

There are a number of Game stores across Suffolk, including Ipswich, Bury St Edmunds and Lowestoft.

Sports Direct previously warned the takeover could put a number of jobs at risk as it reviews the retailer's stores, headquarters and distribution centre.

In recent years Mr Ashley has acquired a number of big names such as House of Fraser, Evans Cycles and online player Sofa.co.

And the latest takeover could result in House of Fraser stores rolling out purpose-built gaming arenas for gamers.

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