Harry Potter games outfit loses its magic

Argonaut calls in administrators

By Tim Richardson • Get more from this author

Posted in Financial News, 25th October 2004 13:53 GMT

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Argonaut Games plc - the UK games developer which brought Harry Potter to the video screen - has called in the administrators ten days after suspending its shares.

David Rubin and Asher Miller were appointed joint administrators of three of Argonaut's trading subsidiaries - Argonaut Software Limited, Just Add Monsters Limited and Morpheme Limited - late on Friday. Argonaut Games plc itself has not been placed into administration. The administrators said the companies will continue to trade while they find a buyer and remain confident that they can flog the business.

"Interest has already been expressed and the administrators are confident that an early sale can be finalised. An early sale is always desirable in this sector to minimise any disruption to ongoing games development, to the staff and to the customers," said Mr Miller in a stock exchange statement. It was also disclosed that chief exec, Jeremy San and fellow board member, Aaron San, have both resigned.

Last week Argonaut closed its Sheffield office with the loss of some 100 jobs. The company currently employs around 120 people. On 15 October shares in Argonaut were "temporarily suspended...pending clarification of the company's financial position". In August Argonaut warned that it expected to increase losses for the year to £6m describing them as "below market expectations". ®