Fundraising Innovations Limited (04426857): administration
- Status
- In administration
- Administration began
- 2022-04-01
- Administrators
- Timothy Vance, Samuel James Woodward
- Administrators' firm
- EY
- Incorporated
- 2002-04-29
- Location
- Leeds
- Industry
- 82200 Activities of call centres
Why it went into administration
- Regulatory change or action
- Sustained trading losses
- Energy costs
- Funding withdrawn / unable to refinance
From the administrators' statement
The UK energy market
The six months prior to our appointment saw an unprecedented increase in wholesale energy prices, resulting in the failure of multiple energy suppliers and the withdrawal of the majority of switching tariffs from price comparison websites. This resulted in switching options for consumers diminishing significantly.
As a result, monthly revenue reduced dramatically from a run rate of c.£2.5m to under.£0.1m from October 2021 onwards. Whilst this had an immediate and direct impact on the Company’s profitability, its financial performance had been under pressure for some time as switching options were already reducing in line with energy price increases. The Company had incurred net losses of c.£2.3m in the 6 months to 30 September 2021.
Administrators' statement of proposals (2022-06-06) · Companies House register