Argonaut Officially Announces Move Into Administration

Officially confirming our previous story on the matter via a press release, London-based Argonaut...
Officially confirming our previous story on the matter via a press release, London-based Argonaut Games plc issued official word this morning that its subsidiaries Argonaut Software Ltd, Just Add Monsters and Morpheme have all been placed into administration. Headed up by accountants and licensed insolvency practitioners David Ruben and Asher Miller, the move will see the two facilitating the restructuring of the developer. Although parent company Argonaut Games plc is not officially under administration, the move will see the subsidiaries trading under administrator control, at least until a buyer is found. In addition, the company has announced that founder Jez San and his father Aaron San have resigned from the board of Argonaut Games plc with immediate effect. Commenting on the matter, administrator Asher Miller said: "Administrators have been appointed by the Directors of the subsidiary companies to facilitate a restructuring of the business. The companies will continue trading under the Administrators' control whilst a buyer is sought. Interest has already been expressed and the Administrators are confident that an early sale can be finalised. An early sale is always desirable in this sector to minimise any disruption to ongoing games development, to the staff and to the customers." Argonaut's continuing trouble with signing new development contracts was previously cited alongside its downgraded financial guidance of a UKP 6 million yearly loss in August. Argonaut, originally founded in the early '80s by Jez San, was involved in the development of the Super FX chip and software titles Star Fox and Stunt Race FX for the Super Nintendo back in 1993. Other notable titles included Croc: Legend Of The Gobbos for the PlayStation in 1997, and recently released, much-delayed Malice for the Xbox and PlayStation 2. Just Add Monsters, the Cambridge-based formerly independent developer purchased by Argonaut in 2001, was behind Xbox party-action game Kung Fu Chaos, and is developing a next-generation title with the working title of Heavenly Swords. Finally, mobile developer Morpheme was responsible for wireless title Balloon Headed Boy, and is developing upcoming N-Gage title, Bluetooth Biplanes.

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