Half of Condor's 16 staff were axed and informed of their redundancy by letters sent out on Friday (24 June), explaining that the company had ceased to trade with immediate effect because of 'adverse financial circumstances'.
Condor's landlord and clients - including MTV and Red Bee - were also informed of the sudden closure in a letter sent on Friday.
The facility's kit, which included a Millenium telecine and several Flame/Smoke compositing systems, was removed from the premises over the weekend. The kit will go into a new company temporarily based in Clerkenwell Road called Condor Digital, which will be staffed by Condor's eight remaining employees. However, the telecine will not be installed as it was not making a profit.
Condor had been a subsidiary of Condor International, one of Europe's largest independently owned post-production networks. None of Condor's other branches in Amsterdam, Berlin, Brussels, Cape Town and Dubai, will be affected.
Condor International operational director Peter Lemmen said that Condor London was not making enough money, citing the financial strain of 'clients wanting to be treated like kings and pay like paupers'.
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