Saw this on BBC News. http://www.bbc.co.uk/news/technology-19350856
A very sad day for gaming. Who know if the old guard are still working there but in my dreams they are. I suggest they start up making XBLA games / ports of the Pysgnosis games. I suppose most people will now them as the team behind Wipeout. Thanks to Wipeout, gaming became super cool! It's easily one of my favourite racing games.
They made some real bad ass games on the Amiga. Lemmings, Armor Geddon and many more.
They also made my favourite humdinger of a game - Last Action Hero. I remember being so excited about it and then the shock of how actually poor a game could be.
Nevertheless, they'll be missed!