Renowned UK-based VFX and animation powerhouse Jellyfish Pictures, that recently suspended its global operations, has now entered administration.
Following the stalled operations, the company had shared a statement mentioning that they have been battling hard in the face of strong headwinds over the past twelve months. Also, the long-tail impact of Covid, coupled with rising costs and the fall-out from the writer and actor strikes, have had a profound effect on their business.
As per reports, the leaders of Jellyfish Pictures explored various investment options including sale and refinancing. But when they failed to secure investors, they opted for the appointment of administrators at the main UK trading company of the Jellyfish Pictures group.
They have appointed Interpath Advisory’s Howard Smith and Mike Pink as administrators.
The majority of Jellyfish’s employees are no longer working while a small number of them are working to wind down the business. The administrators will also help in the settlement of claims to the Redundancy Payments Service.
To know more on this news read: Jellyfish Pictures shares official statement on its stalled operations
