Scottish animation firm Axis Studios is going into administration due to "severe cash flow problems". 

That's according to the BBC, which reports that 162 members of staff have lost their jobs, according to the Administrators Interpath Advisory. Only four employees are staying on to assist in winding down the company. 

It appears that Axis' misfortunes are due to a lack of customer projects. The firm has worked with the likes of Blizzard and Riot Games in the past. 

"Axis has more recently been impacted by a decline in customer projects, as well as increases in labour costs which have resulted in severe cash flow problems," Interpath Advisory Scottish boss Alistair McAlinden said. 

"The directors worked tirelessly to explore alternative solutions, but ultimately had to take the difficult decision to seek the appointment of administrators.”

Joint administrator Geoff Jacobs added: “Our priority is to give employees support in the first instance. We would encourage any party with an interest in Axis’ live projects to contact us immediately.”