MindsEye Developer Build A Rocket Boy Enters Administration

Build A Rocket Boy, the Edinburgh developer behind MindsEye, has entered administration. The Companies House insolvency record for Build A Rocket Boy Ltd states that administration started on 23 september 2026, naming Allister Manson of Opus Restructuring LLP, 322 High Holborn, London, and Mark Harper, 9 George Square, Glasgow, as practitioners.

A form AM01(Scot), headed “Appointment of an administrator”, was filed with the registrar on 25 september 2026. The register notes the document is being processed and will be available in 10 days. The company’s overview page now records its status as In Administration.

Studio and Games

Build A Rocket Boy Ltd, company number SC537252, was incorporated on 6 juni 2016 and is registered at 2 Ocean Drive, Leith, Edinburgh. It traded as Calex Incorporations Limited and then Royal Circus Limited before taking its current name on 31 oktober 2018. Its annual report and financial statements describe the principal activity of the company and group as game development.

In the strategic report, the directors said IOI Interactive released MindsEye globally across multiple platforms in juni 2025. They wrote that the launch “presented challenges” and that several major updates have been released since. The report also describes Arcadia, a suite of creation tools that enable players to design and share missions, modes and environments. The group acquired UK developer and publisher PlayFusion in november 2024 and completed post-acquisition integration during 2025, according to the same report.

Nine-Month Results and Going-Concern Warning

The group’s most recent accounts, filed on 6 juli 2026, cover the nine months ended 30 september 2025 after the accounting period was shortened from 31 december 2025; the comparatives, for the year ended 31 december 2024, are stated in the accounts as not entirely comparable. Turnover was £4,587,725, split between £3,455,628 of game revenue and £1,132,097 of development services; by geographical market, the accounts attribute £3,455,628 to Denmark and £1,132,097 to the USA. The group posted an operating loss of £47,518,427 and a loss for the financial period of £37,351,398. The strategic report summarises the period as £4.6 million of revenue against £52.1 million of total operating costs.

Cash at bank and in hand was £19,399,030 at 30 september 2025, compared with £51,991,294 at 31 december 2024. Creditors due within one year stood at £25,285,328 and creditors due after more than one year at £36,488,257, against net assets of £10,545,807. The group employed an average of 481 people during the period, with wages and salaries of £24,646,896, and carried forward trade losses of £298,152,085.

In their going-concern note, the directors recorded that a preference-shares current liability of approximately £17 million becoming payable in the near term would potentially require as yet unsecured alternative funding. They said they were in discussions with shareholders about converting the shares to equity, and acknowledged that, until such matters are concluded, this presents a material uncertainty that may cast doubt on the group’s ability to continue as a going concern. The note also states the group is reliant on the successful development, launch and commercialisation of its product candidates to finance projected cash requirements to 30 april 2027, and that the company projects the launch and re-launch of game candidates in 2026 will provide sufficient funding beyond the following 12 months. Auditor Johnston Carmichael drew attention to the note and stated that the material uncertainties may cast significant doubt on the group and company’s ability to continue as a going concern; its opinion was not modified in respect of that matter.

The company issued 400,000 Series E preference shares at a subscription price of US $50 on 21 oktober 2024. The shares carry a fixed cumulative dividend of 12% per annum. The cumulative unpaid dividend at the period end was £1,371,654, and the £16,599,353 balance was reclassified from non-current to payable within one year at 30 september 2025.

Board, Capital and Related-Party Balances

The officer register lists four active directors: Leslie Peter Benzies, appointed 6 juni 2016; Mark Michael Gerhard, appointed 2 augustus 2022; David Gomberg, appointed 26 september 2025; and Riaan Henning Hodgson, appointed 25 augustus 2025. Four directors resigned in 2026: Yat Keung Li and Chenglin Han on 14 april 2026, Samuel Eli Englebardt on 26 mei 2026 and Julia Wittlin on 31 mei 2026. The financial statements name L P Benzies as a director and the ultimate controlling party of the company.

Related-party disclosures record £36,479,029 owed to a shareholder for services provided, a balance the accounts describe as trade creditors due after more than one year relating to co-development costs. A further £1,032,131 was owed to L P Benzies under an unsecured director’s loan. During the period the group made purchases of £64,325 from Disruptional PubCo, a company wholly owned by M Gerhard, and £364,729 from LPBZ Commercial Ltd, a company controlled by L P Benzies.

A confirmation statement made on 5 juni 2026 records 35,386,909 shares in issue across six classes: 14,296,847 Ordinary A, 2,605,220 Series A, 3,702,431 Series B, 7,622,638 Series C, 6,759,773 Series D and 400,000 Series E preference shares, with Series E holding priority over the other classes on a liquidation event. A special resolution passed on 20 december 2024 reduced the company’s share premium account by £233,229,993, to £0.00, with the amount credited to distributable reserves.

The group structure at 30 september 2025 included Build A Rocket Boy Games Ltd, Build A Rocket Boy Kft in Budapest, Build A Rocket Boy Inc in West Hollywood and Build A Rocket Boy France SAS in Montpellier, alongside several dormant subsidiaries. The register states the company’s next accounts, made up to 30 september 2026, are due by 30 juni 2027.