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The visual effects company behind films including Top Gun: Maverick, Mufasa: The Lion King and The Little Mermaid has gone into administration.
Technicolor, the 110-year old film technology group, has struggled to cope with ‘severe cashflow pressure’ caused by the post pandemic downturn in the film and television markets.
Its Paris-based parent had been trying to secure investment but the failure to do so has resulted in it appointing Interpath as administrators for its UK business TCS.
Technicolor’s French parent has applied to the Paris Commercial Court to go into the local version of administration. In the UK, Technicolor employs around 400 staff.
The group has been struggling for years and accounts filed last December lay bare the struggle.
Over the 12 months to December 31, 2023 turnover plunged nearly 30 per cent to £87million, while its losses widened by 29.7 per cent to £52million.
Struggles: Technicolor, the visual effects house behind films such as Mufasa: The Lion King, has been struggling with ‘severe cashflow pressure’
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