Realtime Worlds goes into administration

Scottish games company Realtime Worlds has gone into administration.

The outfit was founded in 2002 by David Jones who developed the popular franchises Grand Theft Auto and Lemmings.

Up until last week it employed around 250 people in Dundee and a handful in Boulder Colorado. Some 60 employees were made redundant after the firm's latest offering, an online role-playing game called APB, failed to make the splash expected of it. The remaining 200 jobs are under threat.

Administrators have been appointed to find a buyer for the outfit, which according to wikipedia's sums has enjoyed some $101 million in investment over the past five years.

Much of this cash was ploughed into APB which was under development for five years yet ultimately failed to sign up enough subscribers to keep the company going.

In October last year, the firm was named Hottest Prospect by the Tech Media Invest 2009 programme.

Administrator Paul Dounis, of administrators Begbies Traynor, told the BBC: "We are currently involved in a consultative process with the 200 staff employed in Dundee."

He added: "Our intention is to continue trading the company while we attempt to find a going concern buyer which will safeguard the future of the business."

The plight of the studio follows the Government's cunning plan to scrap tax breaks for UK games developers. Developers are finding conditions in Canada far more favourable.