Portobello Press is seeking legal advice after Lloyds TSB Asset Finance cited an "errors and omissions" clause to increase repayments by over 10%, after it had signed an agreement and installed a 100,000 platesetter.


The London firm signed the agreement on 4 April with Lloyds TSB Asset Finance for the Screen PlateRite 4000, which was installed later that month.


Portobello administration manager Iain Storey said: "We looked at a few finance deals and Lloyds was the best by far, so we signed. But on 8 May, almost two weeks after it had been installed, they said theyd made a mistake and added 11,000 on top of the amount."


The original loan would have meant Portobello repaying 103,000 over three years for the, but this was increased to 114,000.


"They said that theyd made a mistake with their initial figure. But the point is that we signed in good faith. It was already in by then. You really worry about the integrity of a company that does that," said Storey.


He argued that Portobello had budgeted for the initial amount and was being punished for a mistake made by the lender.


"If theyd told us before it went in wed have had options. But it would cost us more to get out of the agreement. It seems to be very one-sided," said Storey.


A spokesman for Lloyds TSB Asset Finance said: "We cant comment. Its a confidential matter between ourselves and a customer."


Screen managing director Brian Filler said: "We make sure that an agreements in place before we supply equipment but the terms and conditions are down to the two signatories. Its not really for us to comment."


Story by John Davies