MindsEye studio enters administration after insolvency filing
The developer behind MindsEye has formally entered administration, a process indicating insolvency and protection from creditor legal action. The company reported a £47.5 million operating loss for the year ending September 2025 and owed creditors £61.8 million at that time. This follows earlier layoffs, union legal disputes, and the departure of investor board members.
Build A Rocket Boy, founded by Rockstar veteran Leslie Benzies, appointed Opus Advisory Group as administrator after its September 2026 layoffs. The company's most recent accounts, covering the year to September 30, 2025, showed a £47.5 million operating loss and £61.8 million owed to creditors. Its debut title, MindsEye, launched in June 2025 to negative reviews, triggering roughly 300 redundancy notices within a month.
The studio faced escalating legal troubles: IWGB Game Workers union pursued action over redundancy handling and later over Teramind monitoring software installed without staff notification. Investor directors from NetEase, RedBird Capital, and Galaxy Interactive were removed from the board in summer 2026. Co-CEO Mark Gerhard alleged, without evidence, that a large American company spent over €1 million on criminal activity against the studio.
This administration could signal broader fragility in the game industry, where high-profile studios backed by major investors still struggle after a single failed launch. Workers at Build A Rocket Boy and similar firms may face heightened job insecurity, reduced severance protections, and greater reluctance among developers to speak out. The case may also prompt investors to tighten funding criteria, potentially making it harder for ambitious new studios to secure backing.