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Independent publisher Vision Paperbacks has failed to pay its authors for more than a year, and has been incommunicado since December, agents have claimed. Agent Andrew Lownie, who has two authors with Vision, said he was cancelling all contracts, and has requested foreign publishers "not to either pay direct or to hold payments to Vision until the situation becomes clearer". He is also "taking legal advice".
Lownie explained: "The last time we were paid was March 2008 and we haven't spoken to anyone since last December. But payments have always been late, or I've been told the cheque's in the post, and it never appears . . . As it's royalties, and we've not been told which territory rights have been sold, we just don't know how much [the missing amount] could be."
Another agent, who declined to be named but who has four authors with Vision, said: "We are just trying to chase monies from them now, but I'm not getting any response." The agent added that a number of unagented authors are also affected. Like Lownie, this agency has had no contact since last December, and is planning to revert all rights.
According to Nielsen BookScan, the value of books sold by the company in 2008 marginally exceeded £74,000. The company, registered under Satin Publications, has just filed its annual accounts for 2007—more than six months late—showing an increase in debts from £1.05m to £1.37m.
But Sheena Dewan, m.d. and publisher of Vision, said the debts were historical amounts owed to "an individual who invested in the company in the very early days, who does not wish to be repaid".
After a tough 2007, Dewan was compelled to make four staff redundant, with the fifth and final leaving some months later. She also reduced her own hours at the end of 2008 for health reasons, which has caused her to fall behind. "But I anticipate being back on my feet by early next year," she said, calling for agents and authors to send copies of the last statement received "to speed things up".
She added: "The money from book sales is in the bank and waiting to be paid out when I am able to draw up the statements, so there is no danger of any amounts due going unpaid."
Dewan said the situation would be resolved by the end of August at latest. "Next year, I do plan to publish new titles and rebuild the front list, and hopefully expand the Vision staff, but for now, new titles are on hold."