75 percent job cuts at Free Radical
By Mike Bantick
Tuesday, 30 December 2008 02:25
Earlier this month the Nottingham Post decreed that not everything was right at the independent studio:
A Computer games company which employs 185 people has gone in to administration.
Staff at Free Radical Design, which is based in Bostocks Lane, Sandiacre, turned up to work this morning to find the locks had been changed.
A note stuck on the door told them to attend a meeting at the nearby Novotel at midday.
Cameron Gunn, of Resolve Partners, the administrators that have been called in to deal with the firm, said: "The company was placed in to administration yesterday afternoon.
"We will be spending the next three or four days assessing the financial position of the company but it's business as usual, although we have asked that almost all of the employees apart from a skeleton crew remain at home."
"All employees have been paid up until the end of December and we hope to make another announcement before Christmas or very soon thereafter, but we must stress at this stage that it's business as usual.
But not all is lost; Administrators for the company have revealed that the remaining 40 employees and companies IP is generating interest from third parties wishing to pick up the studio to add some established brands.
Got piles of cash lying around the living room? Feel like owning a game development studio? The Free Radical fire sale has started.
Free Radical’s demise continues a trend of more closures than openings for independent game developers through 2008. Despite the cash rolling in for the interactive entertainment industry there will always be winners, losers and consolidations in the game of making video games.
