by
William D’Angelo
, posted 2 hours ago / 325 Views
Animation studio Axis Studios has gone into administration with 162 employees being laid off, according to the BBC. Four employees will remain with the company to wind down the business,
The UK-based studio has created content for video games, movies, TV, and theme parks. In gaming they worked on trailers and cinematics for Halo, Destiny, League of Legends, Dead Island, and more.
The studio has recently faced “severe cash flow problems” due to a drop in the number of projects and an increasing cost of labour.
Alistair McAlinden, the head of Interpath Advisory and joint administrator, told the BBC, “Axis has more recently been impacted by a decline in customer projects, as well as increases in labour costs which have resulted in severe cash flow problems. The directors worked tirelessly to explore alternative solutions, but ultimately had to take the difficult decision to seek the appointment of administrators.”
Joint administrator Geoff Jacobs added, “Our priority is to give employees support in the first instance. We would encourage any party with an interest in Axis’ live projects to contact us immediately.”
Axis Studios was founded in 2000 by Richard Scott, alongside Dana Dorian, Stuart Aitken and Graham McKenna.
A life-long and avid gamer, William D’Angelo was first introduced to VGChartz in 2007. After years of supporting the site, he was brought on in 2010 as a junior analyst, working his way up to lead analyst in 2012 and taking over the hardware estimates in 2017. He has expanded his involvement in the gaming community by producing content on his own YouTube channel and Twitch channel. You can contact the author on Twitter @TrunksWD.
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