Begbies Traynor handling restructuring and searching for potential buyer
Following the news that All Points Bulletin creator Realtime Worlds is to cease business, corporate rescue firm Begbies Traynor has been named as the studio's administrator.
Ken Pattullo and Paul Dounis of Begbies Traynor will be handling the process on behalf of Realtime Worlds, and hope to continue trading the company while attempting to find a buyer who would step in to safeguard the business' future.
Begbies Traynor blamed "lacklustre demand" for APB as the reason for RTW's plunge into administration.
“We are currently involved in a consultative process with the 200 staff employed in Dundee,” said Dounis.
It has been suggested that as many as 150 staff have already been told they will lose thier jobs, though this is yet to be confirmed.
Speaking to Develop, the administrator would not detail how many jobs have gone so far, though said redundancies were inevitable.
Begbies Traynor will have 40 of its US-based staff look to rescue RTW's own American division, which is on the brink of closure.