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Nick Holloway and David Pike from Interpath have been appointed as joint administrators to Technicolor Creative Studios UK Limited.
The company is part of the Technicolor Group, a visual effects, animation and creative design studio which provides services to the global entertainment, media and advertising industries under its business units The Mill, MPC, Mikros Animation and Technicolor Games.
The group had been facing financial challenges for some time, exacerbated by rising labour costs, as well as the long-tail impact of the 2023 writers’ strike which delayed projects.
In response, the directors sought to explore their funding options, including exploring options for a sale and refinancing, but with no solvent options available, they took the difficult decision to file for the appointment of administrators.
Immediately following the appointment, the majority of the company’s activities have ceased. As a result, the majority of the company’s circa 440 employees in the UK have been made redundant.
The joint administrators are prioritising support for those affected, including helping them with claims to the Redundancy Payments Service.
Holloway, managing director at Interpath and joint administrator, said: “The Technicolor Group has a long and proud heritage, dating back more than a century, and whose credits include working on famous films including Disney’s Pinocchio in the 1940s, all the way through to more recently, Ridley Scott’s Prometheus.
“Unfortunately, the economic headwinds which are affecting companies right across the creative industries have proved too challenging to overcome, which has led to Technicolor’s UK business being placed into administration today. As we seek to affect an orderly wind-down of the business, we will endeavour to support the company’s workforce who have been impacted by redundancy, as well as exploring options to realise the company’s assets.”
