Blimey! Games Studio Escapes Bankruptcy
January 12, 2009
In early August of 2008, 10Tacle Studios (makers of GT Legends, GTR 2, BMW M3 Challenge) had announced its bankruptcy, after they failed to turn any profits and were in major debt. Blimey! Games, was a subsidiary of this firm, but at the time, claimed that they were not going to be affected by 10Tacle’s failure.
However, over the past few months, Blimey! struggled to turn any profits as well because of the long time their projects were taking to be developed. They have very promising titles such as Ferrari Project and Kart Attack, but they had no real income to speak of, and eventually went into massive debt. On the January 8th of 2009, joint administrators were called in to manage the accounts.
David Rubin and Asher Miller of David Rubin & Partners, were appointed, but eventually just couldn’t keep the company afloat. Even the former CEO of Blimey! said that the company was in major peril.
“We kept things going as long as possible” commented Ian Bell, the former director of Blimey!, “because of the amazing work the team was doing on our one surviving project and the patience of our publisher. However it was commercially unsustainable and it soon became clear that unless decisive action was taken we would lose that”.
However, they were very lucky because Slightly Mad Studios Limited agreed to takeover the firm, and continue the gaming developments.
David Rubin had lots of good things to say about the deal.
“I am delighted that we have managed to preserve such a fantastic team. To be able to save these jobs and skills when we see so much gloom elsewhere in the labour market is a real testament to the Rescue Culture that my profession and our firm strive to support.”
This buy out means that all creditors can hopefully be paid off, as well as assuring staff members that their jobs will not be cut. This is certainly a sigh of relief for both the company and gamers. Finally, we can stop wondering about Blimey’s future, and now focus on what they are going to be bringing to the table and we wish them the best of luck.
znači moglo bi biti nešto od ferrari projekta..
