Red Redemption Limited (03979870): administration
- Status
- Administration ended
- Administration began
- 2013-03-28
- Incorporated
- 2000-04-25
- Location
- Chatham Maritime
- Industry
- 58290 Other software publishing
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
We are advised that the Company was incorporated on 25 April 2000 to undertake a number of software projects in Conjunction with partners These projects included the critically acclaimed “Climate Challenge” programme released in 2006, produced in collaboration with the BBC, the Environmental Change Institute and the University of Oxtord The Directors have advised that in 2008, the decision was taken to move the Company into video games development
A number of potential game concepts were investigated and the Directors advise that a concept based around the issues of global warming was thought to offer the best prospects Accordingly, initial production work was started to secure private funding to develop the game to a “demo stage”, prior to then seeking publisher funding to enable full production and marketing of the end product A target of early 2009 for a “pttchable” demo version of the product was met, but the Directors advise that a change in the market place in the growth of online distribution channels allowed a change in strategy The decision was taken to seek an online download distribution channel partner, with these offering developers a return of 70% of the sale price versus 5-15% from traditional publishers A revised business plan was Created and further investment from shareholders was sought with a new milestone to launch the product online between March and August 2010 A quailty bar of an average review of 70% was fixed together with a target of attaining sales of 300,000 units at £15-20 A contract was struck with the target distnbutor STEAM, who control 80% of the online download games market On the advice …
The Directors advise that “Fate of the World” launched on time at the revised deadline, attaining the average review target but unfortunately it failed to achieve the forecast mcreased unit sales The directors took steps to reduce overheads and reduced the development team staffing leveis, whilst at the same time undertaking additional work to Produce further content designed to address the perceived barriers to uptake Cashflow pressure was eased in the summer of 2011 through the successful claim for research and design relief, and the additional measures taken assisted in boosting sales volumes to forecast figures
Administrators' statement of proposals (2013-05-29) · Companies House register