Gameplay: what they got for their £1
One hell of a headache, that's what
Gameplay's Boxed Games business in the UK lost an estimated £6.4 million before interest, tax, depreciation and amortisation during the eight months ending March 31 2001.
The business is valued at around £1 million - which is why it was picked up for the nominal sum of just £1 today as part of a management buy-out (MBO).
Gameplay plc has given the new owners Andy Mee (we're told he was chairman of the UK company) and Lisa Burke (head of finance), ten weeks to sort themselves out by providing limited Web and services support.
After that, they're on their own.
As part of the deal, the gamplay.co.uk URL has been transferred to the new owners and the "gameplay" trademark has been licensed to the purchasers for six years.
Should this retail games business be sold before May 2002 Gameplay plc is entitled to as much as £500,000.
Neither Andy Mee or Lisa Burke was available when El Reg called this morning.
Still, it's amazing what you can get for a pound these days, ain't it. ®
Gameplay division sold for £1
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Gameplay still mum about future
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Gameplay up for sale
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Gameplay HQ flooded
Gameplay axes 275 jobs