Andromeda Entertainment assets sold

Menzies Corporate Restructuring, the administrative receivers for British software distributor Andromeda Entertainment has confirmed to Gamesindustry.biz that the sale of business assets and stock has now completed.

Andromeda Entertainment entered receivership last Thursday, and negotiations for the sale of company assets were instigated on the same day.

Confirming the surprisingly swift transaction, a representative of Menzies Corporate Restructuring told Gamesindustry.biz: "We were appointed receivers on the 13th of April, and we subsequently sold certain businesses and assets, including stock, to a purchaser within the same industry on the same day."

MCR declined to comment on the unconfirmed rumour that Andromeda's assets were purchased by Choices Video, a division of Home Entertainment Leisure, stating that non-disclosure of the purchasing party was a condition of the sale agreement. Choices Video was unavailable for comment at the time of writing.

In terms of the current staff of Andromeda Entertainment, the receivers confirmed that "redundancies are likely, as the new purchaser is effectively re-locating the company," but declined to comment on the number of job losses at this time.

"Staff have been fully apprised of the situation, and personal consultations with each member of staff are currently being conducted," the representative added.

In related news, Matthew Allen, general manager of Andromeda Logistics, has re-affirmed that Andromeda Entertainment's closure has no effect on his business, commenting: "It is important for the business to reassure its clients that it is business as usual for the Hertfordshire-based independent logistics provider."

"Having established itself as a limited company in May 2005 Andromeda Logistics Ltd. continues to service its contracts with the likes of Ubisoft Entertainment Ltd., Capcom Europe, Midway Games Ltd and Corinthian Marketing Plc, as well as a number of DVD labels," Allen concluded.