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Gameplay, the computer games retailer, is to be sold to a Gibraltar-based trust for £0.9m.

Gameplay has sold its CentroMail chain of 69 computer games stores in Spain to Electronics Boutique for up to £3.6m.

Gameplay, the online games company, has put itself up for sale as a recent restructuring programme has failed to take the business into profit.

Gameplay has sold its UK and Scandinavian mail order computer games business to management for a nominal sum, in order to focus on the distribution of games over the internet.

Gameplay is in informal discussions to sell its boxed games and technology divisions, and has appointed Commerzbank to review its strategic options.

Gameplay is to close its eight UK stores and sell its computer games software business, in a restructuring programme that will shed 275 jobs and focus the group on the sale of boxed games over the phone and internet.