Blimey Games was formed by members of the team that did the original GTR at Simbin and also worked on GTR2 and GT Legends and more recently released BMW M3 Challenge. The studio was then bought by German publisher 10tacle Studios and as they went bankrupt last summer the British studio has been in trouble.
Blimey Games went into administration last week, but an agreement has now been reached where founder and director Ian Bell has started a new company - Slightly Mad Studios, that has bought up all the work Blimey has done and will employ all of the people who used to work for Blimey.
From the sound of the press release it seems everything should be happy:
"The successful sale will also result in creditors of Blimey! hopefully receiving most if not all of the money they are owed and will preserve the jobs of all Blimey!'s workforce."
According to their representation partner DDM Blimey Games was working on a Ferrari project for PS3 as well as a multiformat driving game (PC/PS3/Xbox 360) as of November 26.