CSDM Fundraising Ltd (07096856): administration
- Status
- Administration ended
- Administration began
- 2013-06-26
- Formerly
- CSDM Fundraising Directors Limited
- Incorporated
- 2009-12-07
- Location
- Droitwich
- Industry
- 74909 Other professional, scientific and technical activities n.e.c.
Why it went into administration
- Bad debts / customer insolvency
- Creditor pressure / legal action
- Over-expansion / investment not recovered
- Credit insurance / supplier credit withdrawn
From the administrators' statement
CSDM Fundraising Limited (‘CSDMF’) commenced business on June 15th 2010 following the purchase of the business and assets of CSDM Limited (‘CSDM’) from tts Administrators CSDM was placed into Administration in June 2010 due to issues with client matlings for April 2010 which were disposed of by the company’s postal services provider The company’s business model was based on payment by delivered results, deriving its income by way of an agreed cost per letter sent, taken from donations raised The toss of the Apri! 2010 mailings cost the company some £280,000 in lost revenue and led directly to the Administration
All but one of CSDM existing clients renewed their contracts with CSDMF and the company enjoyed success and good financial results for the years ended 2010 and 2011 During the period the director had been working
closely with the company’s accountants to create a more effective business structure This has been necessitated by the rapid growth of connected companies offering additional services to charity and commercial chents A new structure was designed to assist clents in raising more money in the current climate by integrating direct mail fundraising with telephone direct debit, text and social media campaigns
Administrators' statement of proposals (2013-08-19) · Companies House register