Big-spending movie distribution and production company, Revolver Entertainment Limited, best known for 2006 release Kidulthood, has entered administration.
Cameron Gunn, Mark Supperstone and Simon Harris of ReSolve Partners LLP were appointed administrators on 19 April 2013.
Known within the movie industry for its extravagant spending and bloated staff costs, the company boasted one of the most lavish offices in London.
Revolver’s 2011 and 2010 annual statements show a decline in profits, from £721,546 in 2010 to £119,219 in 2011. In the same period, its wage costs rose by £260,000 despite only hiring two new staff.
Managing director, Nick Taussig, resigned in February 2013 to launch production company Salon Pictures.
In March, the company closed its doors for business and told its 40 members of staff that it could no longer guarantee their wages.
Sales companies and producers that had films set to be released by Revolver are reported to have renegotiated deals or are in discussions with new distributors.
Incorporated in 1997, the London based company earned a reputation within the UK industry for the production and innovative distribution of UK urban titles. It had a second office located in California, USA.
Its biggest box office hit came in March 2011 with comedy Anuvahood, which grossed £2.1m, although it failed to replicate that with subsequent releases.
In July 2012, Corniche Pictures, a division of Corniche Group, acquired a significant minority stake in Revolver Entertainment.