‘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." Commented contributors Andrew Twort & Johnny Bouchier.
Press Release from Red Cover issued 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.
Ends
Posted by Will Carleton