News
Red Cover Picture Library issues statement about contributor payments
Last week The Press Gazette reported that Red Cover was unable to pay contributors due to looming debt woes in excess of £500,000 (approx $1 million USD). In response, the agency held a meeting with certain contributors and issued the following statement.
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Red Cover Picture Library (14th July 2008) Red Cover has been going through some difficult times recently, during a period of rapid growth and without the benefit of third party investments.
To this end a formal meeting was held with a representative group of contributors and creditors. At this meeting, administered by Fisher Partners, Chartered Accountants, a plan to take the company forward under the Company Voluntary Arrangement (CVA) was approved unanimously.
“We put forward a number of proposals and all were accepted,” comment two contributors, Andrew Twort & Johnny Bouchier. ‘We and many others, have been with the company for a number of years and feel we can work together to get Red Cover back on-track and ensure they take their place as a major player in the ‘rights-managed’ picture library industry.
“With the blessing of the contributors we plan to create a much more transparent business working closely with all of our writers and photographers and the existing internal team to build a better business for all” said Mark Bezodis, Managing Director
The company now plans to work closely with the SAA (Stock Artists Alliance) and BAPLA (British Association of Picture Library and Agencies) to meet these new objectives.
Red Cover has always had fantastic imagery but now with the backing of so many key photographers and writers it really can look to the future.
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Despite the efforts put forth by the agency certain contributing photographers remain unhappy with the proposed resolution.
Web: www.redcover.com - Click here to view the original story on the Press Gazette website.
Posted in: News, Stock Photo Companies
Comments(1)
post a comment »Mark, July 16, 2008 [#]
Seems they are able to get away with Fraud after all. Can see why some photographers are not happy with only being paid back 50% of the money they are owed. Very shocked at Bapla’s lack of involvement. This library should have been suspended. Would hate to think a blind eye has been turned because Mark Bezodis, Managing Director of Red Cover is on the Bapla Board of Executives.