National Videogame Arcade saved by consortium
A videogaming museum has been saved after a consortium of investors acquired the business which owns it.
The National Videogame Arcade in Nottingham was put into administration last month after GameCity, which promotes videogame culture and holds an annual acclaimed festival at the venue, fell into trouble.
NVA and GameCity director Iain Simons led the buyout, saving 40 jobs.
“The NVA is like no other facility within the UK and is rapidly growing in popularity,” said Simons.
“It was devastating to us when we realised that the business was in financial difficulty, but we knew it could be overcome.
“I have to give all credit to the staff here who volunteered to work without pay when we announced that the business was in trouble and this undoubtedly allowed us the time to pull together a consortium of investors to give the facility a bright new future and secure those jobs.”
The NVA has three floors of playable exhibitions about videogames, is home to many rare consoles and games and hosts talks by renowned industry experts.
Administrator Andy Wood said: “The investment story behind the consortium is based on the passion that Iain Simons and his staff have for the GameCity project.
“We were appointed as administrators after the company fell into financial difficulties, despite growing in popularity.
“The consortium of investors could clearly see the potential to turn the business around and with support from the staff, GameCity has a new future.”
We reported yesterday how games studio Sumo Digital has been bought by a private investment firm after a period of huge growth.
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