Overview
- The company appointed Opus Advisory Group as administrator and filed for administration at Companies House on Friday, September 25, 2026, a formal step that signals insolvency and places the firm under creditor protection.
- Published accounts for the year to September 30, 2025 show the studio posted a £47.5 million operating loss, a £36.2 million net loss, and owed £61.8 million to creditors, creating a large financial hole before 2026.
- MindsEye, the studio’s June 4, 2025 debut, was widely panned for story, mission design, writing, and combat and failed to recover demand despite updates and a relaunch, a commercial failure central to the collapse.
- Staff endured multiple waves of redundancies through 2025 and 2026, with recent layoff reports preceding the administration filing and the IWGB union pursuing legal claims over the redundancies and the covert installation of Teramind monitoring software.
- Investors including NetEase, RedBird and Galaxy pulled board representation over the summer of 2026 and the administrator now faces choices to seek a sale, a rescue as a going concern, or liquidation that will determine outcomes for hundreds of employees and creditors.