Finance firms should help Smartbox hosts
The Morning Advertiser is calling on finance firms to offer Smartbox victims reasonable terms to settle their contracts.
Controversial screen media company Smartbox collapsed last week leaving hundreds of licensees out of pocket and stuck with onerous three-year leases for equipment.
The idea behind Smartbox was to allow hosts to subsidise the cost of a big screen TV by taking a cut of revenue from adverts played on the system.
However, as the Morning Advertiser exclusively revealed last month, the company owed hundreds of licensees large sums of money.
The key for hapless hosts is now to find a way out of three-year finance deals.
We would not want to profit from this misfortune, just recover our capital outstanding Weatherby's director Richard Briscoe.
Weatherby's and Haydock finance have already answered the call.
Weatherby's director Richard Briscoe said: "As long as people are not in arrears, we are happy to give a preferential settlement figure and will discount any future interest. We would not want to profit from this misfortune, just recover our capital outstanding."
A spokesman for Haydock Finance said: "HFL does not wish to profit from the misery of customers precipitated by the collapse of a supplier, but equally stands to lose here as well.
"Therefore our intention is to work with our customers to a mutually equitable solution to close these positions out. What this means is that we will agree either heavily discounted settlements or discounted payment terms to conclude agreements for the hardware and equipment supplied by Smartbox.
"Customers should call our customer services line on 01254 685734 and advise that they are Smartbox customers. Our operatives will be briefed on the options."
Lombard urged customers struggling with payment terms to contact them. ING declined to comment.
Bill Ganley, licensee at the Grange Inn and also a local councillor in Burton-on-Trent, urged other Smartbox victims keen to share legal costs to get in touch with him.
"I am going to see a solicitor and would be keen to get together and start an action group to see if there is a legal way out of the agreements," he said.
Those interested in an action group and sharing legal costs should contact Bill Ganley at william.ganley@eaststaffsbc.gov.uk.
A creditors meeting will be held on 11 December.
Contact Butcher Woods on 0121 236 6001 for more details.
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