Odyssey Entertainment, the London-based sales and financing company, ceased trading on August 28.

Sarah Simkin, the company’s finance director, confirmed that the company has shut down but declined to comment further on the reasons behind its closure or the implications for its current slate of films, which includes Mat Whitecross’ forthcoming Ian Drury biopic Sex And Drugs And Rock & Roll. Ralph Kamp, the company’s chairman and chief executive, could not be contacted.

The company is believed to have struggled due to the downturn in the market and the difficult economic climate. According to industry sources, Kamp told producers that it was on the verge of withdrawing from sales and marketing at Cannes earlier this year.

It is understood that the company was backed by private investors who are no longer in a position to fund the outfit.

“Ralph Kamp was very open about it in Cannes,” said one producer with close links to Odyssey. “It was a difficult time for him having been in the business for so long to have to tell everyone he was shutting down but he was very honourable and open about the way he did it.”

Odyssey Entertainment was launched in late 2001 and over that period is has handled sales on The Libertine, animated feature Valiant and Helen Hunt vehicle, Then She Found Me.