If there was still doubt in our minds that Free Radical was in a bad way, then this update should really seal the deal: the developer behind Timesplitters is now officially up for sale. Company rights, administration, everything, and we assume it also includes the Timesplitters IP.

Of course, all is not lost, even if the Free Radical name (and everything associated with it) is being put up for sale. Free Radical founder Steve Ellis and a few key members have set up shop as a new studio, named Pumpkin Beach, and we’re hoping that the esteemed Dr. Doak is among those who joined up with him. We only hope that they’ve learned their lesson – Haze was something we all looked forward to, and we hope that they would not repeat the same mistake again.

UK-based games development company Free Radical, the guys who brought us the critically-acclaimed TimeSplitters franchise, seems to have thrown in the towel. That’s right, they’re closing up shop, and from the looks of it, it’s for keeps. We found this out through Kotaku verifying reports of Free Radical employees coming to work, only to find themselves locked out of their own offices (the company had even hired armed security personnel to keep anyone from getting in). Now, I’ve had my share of corporate castastrophes, and if that isn’t a sign of things going bad, I don’t know what is.

While the reason for the sudden closure has not yet been revealed nor confirmed by those inside Free Radical, rumors say that the company had recently lost a development deal with LucasArts – i.e. the ‘top secret Star Wars game’ that Free Radical’s flash recruitment ads had been using in order to lure prospective employees.

Such a waste. Such a god damn waste.