Empire Interactive has slipped into administration with management at KPMG shutting down the business after having sold intellectual properties to the US.
They're not looking to sell the company, instead they're going with an "orderly wind-down" of Empire with all 49 staff being made redundant. Silverstar Holdings was looking for a buyer.
Parent company Silverstar's efforts to find a suitor have failed, though last week they were looking for someone to swoop in.
"Despite the fact that the gaming industry has been relatively unscathed by the current recession, trading losses, development spend and a delay in recent new product approval had a fatal impact on the Empire's cash flow," said KPMG's Ian Corfield.
"We are not looking to sell the business as a going concern and are effecting an orderly wind-down of Empire's operations."
Empire held offices in mainland Europe too; Germany, Spain, Italy and France. They published FlatOut, Jackass, Hello Kitty and Ford Racing titles. Franchise properties have been sold to New World IP in the United States.