Tick Tock still operational despite cost-cutting

Tick Tock still operational despite cost-cutting

<p>Tick Tock c.e.o. John Twiggs has said that the company remains operational, despite so far failing to secure a refinancing package. </p><p>An undisclosed number of staff have been laid off, and the company has not commissioned new publishing work for two months.<br /><br />Twiggs said in a statement, &ldquo;We have been working tirelessly over the last few months to sort out the late investment issue that has been affecting our staff and contributors. Despite our best efforts, we are very sorry to announce that we have been unable to sort this out in time. <br /><br />&ldquo;We want to take this opportunity to thank everyone for their patience while we tried to rectify this situation. We greatly appreciate the support that we&rsquo;ve received from so many people during this difficult time. But our priority now is to support the staff and contributors and to assist them in any way we can.&rdquo;<br /><br />The Tick Tock group includes publisher Tick Tock Books and distributor Tick Tock Direct. Twiggs said that neither company was in administration and that both continue to operate. In March a sister company of Tick Tock Books, Tick Tock Media, went into liquidation owing some &pound;382,000. The holding company is Tick Tock Entertainment.<br /><br />Twiggs said, &ldquo;In the last two months, we have cut back our costs so that we can focus on catching up on our old debt rather than growing the business.&rdquo; Senior management has not been paid for nearly three months.<br /><br />Twiggs said it was still uncertain whether a cash injection would be agreed or not as a result of the &ldquo;current difficult financial climate&rdquo;, although staff have been told that it will not now happen.<br /><br />A number of children&rsquo;s agents had already advised authors and illustrators against working for Tick Tock Books following several cases where payments had not been met by the company. Paul Beebee, the owner of Beehive Illustration, said, &ldquo;I know of a number of authors and illustrators who have not been paid for work they have done for Tick Tock.&rdquo;<br /><br />Mark le Fanu, general secretary of the Society of Authors, said: &ldquo;Over the years we have had quite a number of cases of late payment. On the whole, until recently, members have had to be patient and payments have been made in the end.&rdquo;</p>