Pinnacle Entertainment has been placed into administration, it has been confirmed.
MCV broke the news yesterday morning, when internal sources told us software distribution and publishing arm Pinnacle Software was in trouble.
BDO has now confirmed that Matthew Tait and David Gilbert were appointed Joint Administrators of Pinnacle Entertainment Ltd and its trading company Windsong Holdings Ltd yesterday afternoon.
Following appointment and an initial review of the company, the administrators have regrettably had to make 94 staff redundant. Pinnacle Entertainment has around 350 staff. It is currently unclear if the firm will continuing to operate throughout Christmas.
Matthew Tait, BDO Stoy Hayward business restructuring director, said: Unfortunately the company has been affected by the sudden and steep downturn in the UK economy. We are looking at how best we may be able to handle the trading assets and work with the company to achieve the most favourable outcome.”
Pinnacle Entertainment Ltd, based in Sidcup, Kent, is a trading company whose principal activity is the distribution on behalf of record labels of recorded music and home entertainment products. In addition, Pinnacle operates a division promoting and developing video games for the mass market.
Windsong Holdings is a trading company whose principal activity is the wholesale of recorded music and home entertainment products.