Leonard Curtis appointed on video game manufacturer
Leonard Curtis Business Solutions has been appointed as the administrator of a video game manufacturer after a partnership deal failed.
Andrew Duncan and Neil Bennett, directors at Leonard Curtis Business Solutions Group, were appointed as joint administrators to Mad Catz Europe Ltd on April 5.
Mad Catz has been making video game controllers, battery packs, memory cards, headsets and flight sticks for nearly 30 years.
The company suffered from liquidity problems as a result of a co-publishing deal with US video game developer Harmonix, for Rock Band 4.
Duncan said Mad Catz overestimated demand for the game and the knock-on effects of its poor sales has pushed the company into insolvency.
Mad Catz Europe was the UK company of the global group Mad Catz Interactive Inc., which was headquartered in San Diego, California, and had offices across north America, Europe and Asia.
The group’s Canadian, US and Hong Kong companies entered insolvency processes on March 31 this year.
Mad Catz Europe was unable to trade without the support of the wider group and closed its doors shortly and ceased trading on April 5.
Most its 31 employees have been made redundant, except for a small number of staff who have been retained temporarily to assist the joint administrators.