30-year industry veteran Mastertronic has announced that following financial troubles, it has entered administration. CEO Andy Payne has revealed that a deal is in place to buy the company’s assets and keep all staff employed, but he himself will no longer remain at the company.
The Just Flight and Just Trains publisher was first founded in 1983 and has a long history in the gaming industry, though this isn’t the first time the company has been in financial turmoil. The company’s history consists of many mergers and takeovers due to difficulties, and this announcement seems to be the final straw.
Its official – Mastertronic is now in administration. There is a deal to buy the assets of the business and retain the existing team from a new investor who wants to get involved.
How did we get here? Well we signed an investment deal with a Bahrain/Qatar based organisation back in February 2015 which would have seen our majority Dutch shareholder exit and be replaced by these new shareholding investors and the company financed going forward. Sadly, this organisation did not honour the contract and as a direct result have put us in the position we find ourselves in today. We made strategic investments into game development, based on this investment deal. When the Middle Eastern investors reneged on the deal, it left us desperately needing an alternative investor. Sadly we failed to find one in time.
The new company will focus on flight and train simulation only and I will not be employed by the new company, although I may be asked to advise, and my future is now in my own hands again.
Mastertronic is responsible for a number of classic titles including Double Dragon, Spellbound, and most recently, Kitty Powers’ Matchmaker, and Tango Fiesta.
This particular iteration of the business stems back to a merger in 2004 of The Producers and Sold Out.