One of the UK's largest independent developers - the LSE listed Argonaut, announced to the stock exchange on Friday that the firm was facing serious financial difficulties and could only survive for an "extremely limited period" unless new deals are signed. The dwindling cash reserves at the developer have been placed under extra pressure as expected agreements have yet to be completed - and shares in the PLC were suspended following this news.

It is expected that shares may resume today, following further clarification of the company's financial position to the market; but this can't be good news for a firm that has struggled so much of late - like many other independent game creators. "In the absence of these development agreements being immediately secured, the Group's existing cash resources will provide funding for only an extremely limited period and Argonaut may not be able to continue to trade," Argonaut's official statement read on Friday.

The firm has studios in London, Oxford, Cambridge and Sheffield. We'll keep you posted.

By Luke Guttridge