The £100 million firm behind video game classic Worms has appointed advisers to secure new funds to expand its operation.
The owners of Team17, who are understood to be keen to keep hold of their stakes, have appointed investment bank GCA Altium to explore options.
Team17 is best known for its Worms franchise, a retro video game with dozens of sequels in which players engage in wars with the wriggly garden creatures.
Game on: In worms, players engage in wars with the wriggly garden creatures
Other games in the Team17 portfolio include Forged Battalion, Mugsters, Yoku’s Island Express and Genesis Alpha One.
Team17 sells its titles through the likes of Sony, Microsoft, Apple and Google.
The company was founded in 1991 by chief executive Debbie Bestwick, 47, and has bases in Wakefield and Nottingham.
Lloyds Bank’s private equity arm LDC backed the company last year and pumped £16.5 million into the business. City sources estimate the firm is now worth around £100 million.
According to Companies House accounts, Team17’s revenue grew by 30 per cent to £13.5 million in 2016. Its pre-tax profit, meanwhile, was reported at £3.5 million, up 28 per cent.
According to British video games industry body Ukie, the global market is set to be worth nearly £100 billion by 2020.
There are more than 2,000 active games companies in the UK, serving an estimated 32.4 million people in the country. The UK market was worth £4.33 billion last year, according to Ukie, up 1.2 per cent on 2015 to a record level.