Technicolor, the visual effects (VFX) group, has collapsed into administration in the UK. The majority of its ~440 staff have immediately been made redundant. The company was founded in 1915 and has provided its services to an abundance of iconic movies over the decades.

Directors of the UK Technicolor division reportedly looked at a possible sale or refinancing of the company, but “no solvent options” became available.

The firm’s joint administrator, Nick Holloway, commented: “The Technicolor Group has a long and proud heritage, dating back more than a century, and whose credits include working on famous films including Disney’s Pinnochio in the 1940s, all the way through to more recently, Ridley Scott’s Prometheus. Unfortunately, the economic headwinds which are affecting companies right across the creative industries have proved too challenging to overcome, which has led to Technicolor’s UK business being placed into administration today. As we seek to affect an orderly wind-down of the business, we will endeavour to support the company’s workforce who have been impacted by redundancy, as well as exploring options to realise the company’s assets.”

The appointment of administrators pertains only to the UK arm of its business.

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Categories: Articles, Business

Tags: Technicolor, UK