Administrators have been appointed for Technicolor Creative Studios UK, the historic visual effects studio that has shut down, with 440 redundancies.
Nick Holloway and David Pike from advisory firm Interpath were named as joint administrators to the UK Technicolor division on Monday. “The Group had been facing financial challenges for some time, exacerbated by rising labor costs, as well as the long-tail impact of the 2023 writers’ strike which delayed projects,” Interpath said in a statement.
Directors of the UK Technicolor division looked at a possible sale of refinancing of the company. “But with no solvent options available, they took the difficult decision to file for the appointment of administrators,”…
