“I want to be clear, our first choice was to try and keep this group together and find a buyer for the studio."

“This decision comes after a few months of exhausted examination of a number of different options across the board.”

Today Johnson told Develop the group has “explored a lot of leads – pretty much anyone you can imagine in the industry”.

“But unfortunately, so far we’ve not been able to find any interested parties. So we’ve made as a last resort, a recommendation to the team for closure,”