There have been rumours circulating for some time about the structure of the Hubbed business being promoted to newsagents by the ANF. I have not written about them here as I waited to see if the situation would clarify. It is taking longer than expected.
A lack of disclosure is leaving newsagents considering Hubbed vulnerable.
At the heart of the situation as I understand it is the ownership of Hubbed. It could be that some of the key people newsagents ultimately deal with at Hubbed are different to those they thought were behind Hubbed.
Since the rumours started circulating here has been plenty of miscommunication about the issues. The ANF has been a party to this, as they have been with Hubbed all along. They have invested considerably in Hubbed and have, indeed, tied their success as an association to the success of Hubbed.
Newsagent uptake of Hubbed has not been what the business expected. Their roll out is not where they needed it to be. If they don’t get the numbers they need the model does not work. if it does not work and ultimately closes, newsagents could be left with financial lease agreements for equipment they took on specifically for Hubbed – like what happened with Bill Express.
Anyone facing signing a Hubbed contract should undertake thorough due diligence including getting documented clarity from a Director of the company as it where it is at right now in relation to their business plan projections.
Given what the ANF knows and given their active promotion of Hubbed, they owe newsagents a statement. Anyone signing with Hubbed based on the current ANF pitch is doing so without all the information the ANF could / should share.