Talenthouse, the firm that matches artists with brands that need their service, is on the verge of collapse.
Talenthouse worked with companies like Coca-Cola, Netflix, and Nike, as well as the UN, matching artists that had the skills its clients needed. Unfortunately, parent company Talenthouse AG appears to be shutting things down as a result of debt it cannot seem to pay, according to The Guardian.
News and rumors of trouble began circulating in February, with reports that artists had not been paid thousands of pounds for projects completed months earlier.
“All I get from Talenthouse is, ‘We’re doing what we can,’ automated responses. No one really seems to care,” said Robert Acle, who said he is owed more than £3,200. “It’s emotionally and mentally draining. I’m just overwhelmed by the most likely possibility that they will get away with it.”
Despite initially reassuring artists that “a long-term robust solution” was in the works, The Guardian says Talenthouse AG is cutting its losses, shutting down the UK company that held many of the contracts.
Talenthouse AG, which is listed on the SIX Swiss stock exchange, said a “strategic review” had revealed “substantial outstanding liabilities” at the subsidiaries including salary and tax payments that could not be covered. “The company has decided to fund these entities no longer,” it said in a statement for investors on 21 March.
Reports indicate Talenthouse’s troubles are likely the result of irresponsible acquisitions that depleted the company’s coffers at a time it needed that money to help survive the economic downturn.
At this time, it’s unclear what the future holds for Talenthouse or its contractors.
