The independent studio behind the popular card‑based strategy games Reigns and Card Shark, Nerial, has announced that it will cease operations and move into what its founders call a "hibernation mode." In a brief post shared on social media, the company’s co‑founders—CEO Tamara Alliot and Creative Director François Alliot—explained that after thirteen years of development and eleven released titles, they have agreed with their publishing partner Devolver to wind down the studio. Devolver Digital acquired Nerial in 2021, bringing the small British team under its publishing umbrella. The partnership, however, has not been without challenges.
In 2023 the studio underwent a drastic reduction of staff, shedding roughly 40 percent of its workforce in an effort to address performance concerns surrounding recent releases and to reshape the team for upcoming projects. This downsizing was a clear signal that the studio was struggling to meet the expectations set by its new parent company. In an interview with Kotaku, François Alliot clarified the ownership arrangement, confirming that Devolver will retain the intellectual property rights to all of Nerial’s existing games.
He emphasized that the relationship remains amicable, describing Devolver as "very good friends" and noting that the two entities share a common goal of delivering high‑quality, quirky titles that fit the Devolver brand. "When Devolver acquires a studio, it becomes an internal studio, meaning every game we produce must be a Devolver game," Alliot said. "That worked well for Reigns, it also worked well for Card Shark. There was a shared vision, and we could have found a sustainable path forward." Yet he also highlighted the friction that can arise when multiple parties must constantly negotiate each other's priorities.
"Every decision becomes a negotiation about what the other side wants," he added, noting that the constant need to second‑guess each other drained the focused energy that indie developers typically enjoy. Industry analyst Chris Kerr pointed to a recent Companies House filing that revealed Nerial had suffered "significant trading losses" for two consecutive years, making the studio increasingly reliant on financial support from Devolver.
The filing showed a loss of more than £800,000 in the 2025 fiscal year and an almost £1 million deficit in 2024. These figures illustrate the steep financial headwinds the studio faced, despite the critical acclaim of its games. The current team consists of nine employees, including the Alliot founders. While the studio will close its doors for the time being, Tamara and François indicated that they intend to keep creating games, albeit after a period of rest and reflection.
"We need to step back, assess what has happened, and return to our roots with a fresh perspective," they wrote. They also expressed confidence that the talented individuals who remain on the roster will find new opportunities elsewhere, and they offered strong recommendations to any prospective employers. François mentioned the possibility of continuing to work with the former staff on a contract basis, though he acknowledged that the studio does not have the resources to maintain them as full‑time salaried employees at this stage. "I hope we can keep collaborating as freelancers in the future, but right now we simply cannot afford to keep a payroll," he explained.
The Alliot duo also took a moment to thank the broader network of collaborators who have contributed to Nerial’s projects over the years. "Our games were only possible because of fleeting yet powerful collaborations with amazing people, both inside the studio and at Devolver, as well as through ad‑hoc partnerships," they wrote. This gratitude underscores the community‑driven nature of many indie productions, where success often depends on a web of shared passion and expertise. Looking ahead, François expressed a personal desire to re‑evaluate his own indie career trajectory.
He cited several industry‑wide pressures that have made it difficult to maintain momentum, including the lingering effects of the post‑COVID market slowdown and the rapid rise of artificial intelligence tools that are reshaping development pipelines. "The video game industry is experiencing a crash that everyone is talking about, and AI is sucking a lot of the creative air out of the room," he said. "We are rebuilding, trying to establish stronger roots, and for that I need to step back and rethink my path." In summary, Nerial’s closure reflects a combination of financial strain, strategic misalignment with its parent company, and broader market turbulence.
While the studio’s catalogue will remain under Devolver’s control, the founders hope that the hiatus will allow them to recharge, explore new creative directions, and perhaps eventually re‑enter the industry with a revitalized indie spirit. The next chapter for the team remains uncertain, but their commitment to quality, collaboration, and innovation continues to resonate within the indie gaming community.