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Agency in the red - Red Cover Picture Library tell their clients they will not be paid for up to two years due to financial difficulties.
Red Cover Picture Library, an agency specialising in interior and lifestyle photography, have announced that they are £500,000 in debt to creditors and told contributors to the agency they may not be paid for up to two years.
Some contributors - one of whom is owed a total of £11,000 - have demanded their images back after a letter was sent out telling them the news and apologising.
Reasons for the current predicament of the company, who are based in Balham in South London, have been put down to the expense of building up the business including the cost of a new website, new equipment and extra staff employment. They are reported to be in talks with a new investor who will help to pay the outstanding debt.