Midway UK Office Sold for 86 Pence

Midway dollar-menuaire Martin Spiess picked up the old Newcastle office for one (1) euro - equal to 86 pence U.K. - according to documents filed in the publisher's long, slow goodbye.

Spiess, Midway's managing director for Europe, actually picked up both the France and the U.K. office for €1, making the actual retail price of each office under 50p. This is all trivial stuff, anyway, but it does show what has happened to the remnants of Midway's business, following THQ's acquisition of Midway San Diego for $200,000.

Spiess and Midway Germany counterpart Uwe Fürstenberg have essentially negotiated management buyouts of the shares of the former offices they directed. Spiess formed Spiess Media Holding UG to manage his slice of Midway's remains; Fürstenberg will take Midway Germany for F + F Publishing. No word, how much he paid.

They have 90 days to unload the rest of the Midway inventory they have. Once the deal's complete, however, it will trigger a $1.7 million payment from Midway Games Limited to Midway USA, tying off the remainder of financial loose ends.

Midway UK in '50p MBO' [MCV via GoNintendo]