Mon, 30 Nov 2015 | ADMINISTRATION
Mastertronic, a publisher and distributor of computer games, has entered administration.
Founded in 1983, the company has been a major figure in the UK games industry since the early 1980s, delivering low-cost games to the market. Recent games it has distributed have included Kitty Powers' Matchmaker, Richard & Alice, 10 Second Ninja and Tango Fiesta.
The firm has now entered administration but according to its managing director, a deal has already been agreed for the sale of the business. Andy Payne says that under the deal he will no longer be part of the company, but the acquisition will be for the rest of the assets of the business and it will also see the existing team retained.
In July 2014 Mastertronic applied for a CVA to avoid a winding-up order. The company also closed its retail business and cut 40 per cent of its team.
Its latest issues have arisen after investors failed to come good on promises they had made, Mr Payne told MCV.
He explained: "We signed an investment deal with a Bahrain/Qatar-based organisation back in February 2015 which would have seen our majority Dutch shareholder exit and be replaced by these new shareholding investors and the company financed going forward.
"Sadly, this organisation did not honour the contract and as a direct result have put us in the position we find ourselves in today."
Mr Payne explained that attempts to find a new investor had proved unsuccessful, leaving it no choice but to call in the administrators, although these have not yet been named.
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