Video games company to be sold as a going concern following administration

Dundee-based video games company, Realtime Worlds, has fallen into administration following 'overwhelming financial pressure,' and is hoping to sell the company as a going concern.

The company was founded in 2002 by Grand-Theft Auto and Lemmings creator Dave Jones. The senior managers were forced to call in the adminstrators after tax breaks promised to the UK games industry were scrapped in the coalition government’s emergency Budget.

Edinburgh-based Begbies Traynor administrators have been appointed and a consultation process on the future of the firm is under way. Begbies Traynor announced that their intention is to 'continue trading the company while we attempt to find a going-concern buyer which will safeguard the future of the business.'

Sixty of the 200 staff at the company's west Marketgait headquarters have already been made redundant and more jobs are said to be at risk.

Dundee City Council administration leader Ken Guild said, “They and the company have been put in this position by the couldn't-care-less attitude of the Westminster Government whose point-blank refusal to create a level playing field for the computer games industry in the UK, focused on Dundee, has brought about this situation.”

Dundee East MP Stewart Hosie talked of what a sad day it was for Dundee as the area saw its biggest computer games company go into administration.

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