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SFP looks to maximise return for creditors PDF Print E-mail
Thursday, 25 August 2016
Nationwide Insolvency Practitioner, SFP has been appointed to wind down a well-known and award-winning Software Developer, Relentless Software.  

Established in 2003, Brighton-based Relentless Software released its first best-selling quiz game for PlayStation 2, in 2005. The studio developed a dozen games in the franchise across the PS2, PlayStation 3 and PlayStation Portable platforms. Earlier this year, Relentless announced plans to open a new studio in Wales and planned to create 70 jobs however, the expansion did not come to fruition following increased competition and tougher market conditions.

The Directors sought professional assistance in 2016 to look to salvage the ailing business but a rescue of the business was not achievable in view of its financial circumstances.

SFP’s joint administrators Simon and Daniel Plant, both licensed members of the Insolvency Practitioners’ Association (IPA) were subsequently appointed by one of the secured creditors on 8th August 2016.

Simon Plant says that following the placing of the company into Administration it was essential to evaluate the circumstances of the business to ensure its physical and digital assets were preserved: “Whilst a sale of the business appears unlikely now, with the company already ceasing to trade, there is a significant amount of work to do now in winding down the affairs of the business and reviewing the factors leading to its collapse”.
 

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