The independent game studio Nerial, best known for the card‑driven titles Reigns and Card Shark, has announced that it will cease operations and enter a period the founders describe as "hibernation mode." In a brief social‑media post, the company’s co‑founders—CEO Tamara Alliot and creative director François Alliot—explained that after thirteen years of development and eleven released games, they have jointly decided, together with their publishing partner Devolver, to bring the studio’s active development to an end. Devolver Digital acquired Nerial in 2021, bringing the small British outfit under the umbrella of the larger publisher.
The acquisition initially promised greater resources and distribution reach, but the partnership has faced challenges. In 2023, Nerial underwent a 40 % staff reduction, a move the founders said was intended to address performance concerns with recent releases and to reshape the team for upcoming projects. The downsizing was a clear signal that the studio was struggling to meet the expectations set by its new parent company. Speaking to Kotaku, François Alliot clarified that Devolver will retain ownership of all games that Nerial has produced to date.
He emphasized that the relationship remains amicable, describing Devolver as "very good friends" and noting that the two companies share a common vision for the titles they have already launched. "When Devolver buys an indie studio, it becomes an internal studio, which means every game we create must be a Devolver game," Alliot explained. "That worked well for Reigns and Card Shark, but it also introduced a constant need to align our creative decisions with Devolver’s publishing strategy." Alliot went on to describe the tension that can arise when an indie studio is absorbed into a larger corporate structure. He said that the need to constantly anticipate the publisher’s preferences can dilute the focused energy that independent developers typically enjoy.
"You lose some of the concentrated energy that you had as a pure indie," he said. "I want to get back to that in some way… it might work, it might not, but it doesn’t involve so many people." Industry journalist Chris Kerr highlighted a recent filing with Companies House that revealed the studio’s financial health had been deteriorating for two consecutive years. The report showed that Nerial recorded a loss of over £800,000 in the 2025 fiscal year and nearly £1 million in 2024, making the studio increasingly dependent on financial support from Devolver. These figures illustrate the scale of the economic pressure that contributed to the decision to pause development.
At the time of the announcement, Nerial employed nine people, including its two founders. Both Tamara and François indicated that they intend to continue creating games, but they will first take a break to reflect on recent events and to reassess their creative direction.
"The fabulous Nerial team will now seek new opportunities, and we wholeheartedly recommend each and every one to any potential studios that will be lucky enough to have them," the statement read. François also expressed a desire to keep collaborating with his former colleagues on a contractual basis, even though the studio can no longer afford to keep them on salaried contracts.
"I hope to be able to continue to work with them as contractors in the future, but I’m not currently in a position to retain them as salaried employees," he said. The founders took the opportunity to thank the broader community of collaborators—both within Devolver and external partners—who helped bring their projects to life.
They described each game as the result of "impossible, fleeting conjunctions of talent and passion," underscoring how vital those relationships have been to Nerial’s creative output. Alliot also spoke about the broader industry context that has made it difficult to sustain an independent studio. He cited the lingering effects of the COVID‑19 pandemic, a market contraction that has been widely reported, and the rapid rise of artificial intelligence tools that are reshaping development pipelines. "It’s become a bit difficult to push forward, especially with the current context, with post‑COVID, there’s a bit of this crash in the video game industry that everyone knows.
AI sucking out all the air from the room. So we are rebuilding, trying to rebuild strong roots. And for that, I need to take a step back," he explained.
In summary, Nerial’s closure reflects a combination of financial strain, strategic misalignment with its parent publisher, and broader market pressures. While the studio’s existing catalogue will remain under Devolver’s control, the founders hope to return to their indie roots in the future, potentially as independent contractors or through new, smaller‑scale ventures. Their announcement serves as a reminder of the fragile balance indie developers must maintain when partnering with larger publishers, especially in an industry that is currently undergoing rapid technological and economic change.