London-based visual effects studio Glassworks VFX is to close after nearly three decades in business.
The studio said its closure had been primarily driven by "exceptionally challenging market conditions.”
The company's board of directors has instructed Castle Hill Insolvency to manage the formal process of entering liquidation.
A slowdown in production has seen major changes in the VFX sector in recent months, including the closure of The Mill, MPC and Jellyfish Pictures.
In a statement, Glassworks said: "The past 15 months have been a turbulent period in both the commercial and narrative spheres, with decreased opportunities exacerbated by the increased pressure of global competition. For a studio that has given so much to the world of visual artistry, to be forced to close its doors under such circumstances is truly heartbreaking.
"Founded in 1996 by CEO Hector Macleod, Glassworks wasn't just a company; it was a vanguard of creativity. It fostered an environment where artistic boundaries were constantly pushed, and where the most complex visions were brought to breathtaking life. The name became synonymous with uncompromising quality, audacious innovation, and a deeply personalised service."
The company worked across commercials, feature films, live events, television, and digital content.
The statement added: "Our thoughts are with every single individual who was part of the Glassworks family. Their talent and craft have enriched our screens and imaginations, etched into the history of visual effects and continuing to inspire generations of artists to come.”
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