Embracer's Free Radical Design Reportedly Faces Closure - News
by William D'Angelo , posted on 08 November 2023 / 3,362 Views
TimeSplitters developer Free Radical Design is at threat of being closed just two years after being re-established, according to sources who spoke with VideoGamesChronicle.
Free Radical Design is owned by Embracer Group, which has been undergoing a restructure that has seen multiple studios closed, games closed, and employees laid off.
The sources claim the TimeSplitters developer has been part of an evaluation and employees have been told it could close. UK employment law requires companies to consult with employees for a minimum of 30 days before making any redundancies.
LinkedIn and social media does show that at least 15 employees at Free Radical Design in just last the 24 hours have published posts looking for work. This includes a lead game designer, senior artist, senior technical artist, game designer and the studio’s IT manager.
it is possible the studio could remain open in a third party shows interest in acquiring it.
Free Radical Design was formed in 1999 and went bankrupt in 2008. The studio developed the TimeSplitters series and Second Sight. What was left of the company was acquired by Crytek and rebranded.
The studio was reformed in May 2021 by key members of original Free Radical Design team. This includes founders Steve Ellis and David Doak.
A life-long and avid gamer, William D'Angelo was first introduced to VGChartz in 2007. After years of supporting the site, he was brought on in 2010 as a junior analyst, working his way up to lead analyst in 2012 and taking over the hardware estimates in 2017. He has expanded his involvement in the gaming community by producing content on his own YouTube channel and Twitch channel. You can contact the author on Twitter @TrunksWD.
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Sony need to step in to acquire free radical.
definitively, PlayStation could be a great home for them.
TimeSplitters IP would be a great fit for PlayStation, an FPS with great storytelling capability that does not take itself too seriously, it would definitely adds to PS offering.
Whatever happen though I hope the fan made ongoing project of TimeSplitters Rewind does not get killed in the process.
Shame is true. Nottingham has a few great studios and would have been nice if they at least gave the studio time to get something off the ground. Seems not.
Embracer is imploding faster than I thought I would. I figured it would take about 3-5 years instead of... almost immediately. And I remember when people thought they would do better for Tomb Raider than Square Enix did.
Debt stresses rising faster than they were ready for with global interest rate rises and investors losing patience and wanting a return.
It honestly would have been challenging to achieve all their goals even without higher than expected interest rates, inflation and workforce disruptions.
Electricity market prices with Germany making the poor gamble on Russian gas pipelines probably didn’t help either.
I always saw Embracer's strategy being one of lets use cheap financing to expand with the end goal of gaining suitors for a buyout that would give them a big payday .
At the rate they're going, those "suitors" they wee hoping to have will be able to pick their bones clean for pennies on the dollar.
Agreed, we should look down the back of our seats for some spare change and buy them, and if they say no, we then start looking for a cheap horses head and make them an offer they can't refuse.
I have fond memories with the TimeSplitters IP and it's a shame it was first bought an uninterested Crytek to then be sold to poorly managed Embracer. It's like it's cursed or something.
