Blimey! Games Limited - In Administration– projects and jobs saved as Slightly Mad Studios buy business and assets.

PRESS RELEASE

For immediate release

LONDON, Jan 12th 2009 - Joint Administrators were appointed to Blimey! Games Limited, the games software developer on 8 January 2009. This follows the insolvency of Blimey!’s German parent company, 10tacle Studios AG in the summer of 2008.

David Rubin and Asher Miller of London firm, David Rubin&Partners, were appointed to save the business as a going concern when it became apparent that Blimey! was insolvent and couldn’t survive on its own– after the demise of 10tacle and the knock on effect it had on those funding some of Blimey!’s projects.

“We kept things going as long as possible” commented Ian Bell, the former director of Blimey!,“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”. A sale of the business and assets was therefore agreed by the Administrators with Slightly Mad Studios Limited, a company established by Ian Bell.

The successful sale will also result in creditors of Blimey! hopefully receiving most if not all of the money they are owed and will preserve the jobs of all Blimey!’s workforce.

Commenting on the sale, Joint Administrator David Rubin said,“I am delighted that we have managed to preserve such a fantastic team. To be able to save these jobs and skills when we see so much gloom elsewhere in the labour market is a real testament to the Rescue Culture that my profession and our firm strive to support.”

Mr Rubin went on to say that“Directors who face up quickly to the challenges posed by the current economic climate stand a better prospect of a rescue procedure working. Mr Ian Bell, the director of Blimey! 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.”

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

For more information:

David Rubin

David Rubin&Partners

0208 343 5900

Alex Chapman

Sheridans Solicitors 0207 079 0100

Slightly Mad Studios Ltd

0207 252 1843

pr@slightlymadstudios.com


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