Latest News Headlines
Commercial Credit News
|Leonard Curtis Business Solutions appointed administrators to Mad Catz Europe Ltd|
|Friday, 07 April 2017|
Andrew Duncan and Neil Bennett, Directors at Leonard Curtis Business Solutions Group, were appointed joint administrators to video game peripheral manufacturer Mad Catz Europe Ltd on 5 April 2017. Mad Catz Europe Ltd was the UK registered trading company of the global group Mad Catz Interactive Inc., which was headquartered in San Diego, California, and listed on the NYSE. Mad Catz also had offices across North America, Europe and Asia.
On 31 March 2017, the Group’s Canadian, US and Hong Kong companies entered into insolvency processes. Mad Catz Europe was unable to trade without the support of the wider Group and closed its doors shortly after. The company ceased trading on 5 April 2017.
Mad Catz Europe was based in Milton Keynes and Magor, Wales. The majority of its 31 employees were made redundant on 5 April 2017, with the exception of a small number of staff who have been retained temporarily to assist the joint administrators.
Mad Catz has been making video game controllers, battery packs, memory cards, headsets and flight sticks for close to 30 years. However, the company suffered from liquidity problems as a result of a co-publishing deal with US video game developer Harmonix, for Rock Band 4. Mad Catz invested heavily in the music video game, which allows players to simulate playing music across different genres using instrument controllers that mimic playing guitar, drums and vocals.
For Rock Band 4, Mad Catz developed new instrument controllers and marketed and distributed the title worldwide. The game was released for PlayStation 4 and Xbox One in October 2015. In contrast to the significant sales and gross profit that was anticipated by the Group, Rock Band 4 sales were weak.
Andrew Duncan, Director at Leonard Curtis Business Solutions Group, says: “Over the last two years, Mad Catz has had a rough ride. They overestimated demand for the game, which is unfortunate because Mad Catz had solid foundations, producing innovative products for PlayStation and Xbox, amongst others. Nonetheless, poor sales of Rock Band 4, and its knock on effects, pushed Mad Catz into insolvency.”
Forums International Ltd
Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.
Find out more here.
The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.
CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.
As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.
Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.
GTS Media Ltd
81 Cambridge Road
Registered in England No: 05483197