Animation and VFX studio Jellyfish Pictures has gone into administration.
Founded in 2001 and based in London, Jellyfish Pictures is an international studio, that has worked with clients including Disney, Netflix, DreamWorks, HBO, Sky, the BBC and Amazon.
In common with a number of other companies across the visual arts and creative industries, the Company had experienced challenging trading conditions for some time as a result of high cost inflation and the cumulative impact of the writers and actors’ strikes which caused projects to be delayed or cancelled.
In response to these challenges, the directors sought to undertake a review of their investment options, including exploring options for sale and refinancing, but with no solvent options available, they took the difficult decision to file for the appointment of administrators at the main UK trading company of the Jellyfish Pictures group.
Shortly before the appointment of the administrators, the Company ceased operations. As a result, and with no prospect of trade resuming, the majority of the Company’s 69 employees were made redundant. A small number have been retained by the joint administrators to assist them as they take steps to wind down the business. The joint administrators will be providing support to those impacted by redundancy as a matter of priority, including supporting them with claims to the Redundancy Payments Service.
Howard Smith, managing director at Interpath and joint administrator, said: “Sadly, this is the latest in a series of insolvencies across the animation and visual effects industry as studios up and down the country continue to battle fierce economic headwinds”.
The joint administrators are now seeking a purchaser for the assets of Jellyfish Pictures Limited which predominantly consist of computer and audio visual equipment.
Pippa Considine
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