Technicolor Creative Studios UK has officially appointed Nick Holloway and David Pike from Interpath as joint administrators of the company.
The move follows yesterday’s news that the company was close to collapse in the UK, United States, France, India and Canada.
The news has sent shockwaves through the visual effects industry.
In its official announcement, Interpath said the majority of Technicolor’s UK activities have ceased. “As a result, and with regret, the majority of the company’s circa 440 employees in the UK have been made redundant. As a priority, the joint administrators will be providing support to those impacted, including supporting them with claims to the Redundancy Payments Service,” added the official statement.
Nick Holloway, managing director at Interpath and joint administrator, said: “The Technicolor Group has a long and proud heritage, dating back more than a century, and whose credits include working on famous films including Disney’s Pinnochio in the 1940s, all the way through to more recently, Ridley Scott’s Prometheus.
“Unfortunately, the economic headwinds which are affecting companies right across the creative industries have proved too challenging to overcome, which has led to Technicolor’s UK business being placed into administration today.
“As we seek to affect an orderly wind-down of the business, we will endeavour to support the company’s workforce who have been impacted by redundancy, as well as exploring options to realise the company’s assets.”
In France, the headquarters of Technicolor Group, the company has filed for a ‘recovery procedure’ before the French Court of Justice in order to explore possible solutions, reports Variety.
