Blimey! Games has gone into administration as a result of the insolvency of its parent company 10tacle – but all staff and assets have been saved by a new outfit, Slightly Mad Studios, headed up by Blimey!’s former director Ian Bell.

10tacle’s financial troubles in summer 2008 had a knock on effect that affected funding of some of Blimey!’s projects, explained Bell.

“We kept things going as long as possible because of the amazing work the team was doing on our one surviving project and the patience of our publisher. However, it was commercially unsustainable and it soon became clear that unless decisive action was taken we would lose that,” he said in a statement.

Slightly Mad has purchased the business and assets of Blimey!, preserving all of the jobs at the beleagured developer and ‘hopefully’ paying ‘most if not all’ of its creditors.

David Rubin, joint administrator at David Rubin and Partners, praised the speed at which the process was undertaken: “Directors who face up quickly to the challenges posed by the current economic climate stand a better prospect of a rescue procedure working. Ian Bell moved quickly to take appropriate advice from his solicitors Sheridans who involved us at a very early stage. That prompt action was key to finding a solution to the company's problems.”

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“This sale has ended months of uncertainty and worry for all concerned,” added Bell. “We can now look forward to the development of our exciting existing and future projects.”