Clear Fundraising Limited (08389316): administration
- Status
- Administration ended
- Administration began
- 2015-05-29
- Administrators
- Jonathan James Beard, John Walters
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2013-02-05
- Location
- Brighton
- Industry
- 82990 Other business support service activities n.e.c.
From the administrators' statement
The Company was incorporated in February 2013 and operated as a national face to face chanty fundraising agency The Company worked closely with an associated company, Pure Fundraising Limited (‘Pure’), which had some common directors and operated as a telephone charity fundraising agency As part of its start up capital, the Company obtained a loan from Pure in order to ensure that tt had sufficient capital to establish itself in the marketplace
The Company traded throughout 2013 and into 2014, establishing good relationships with its client base However, payment terms with tts clients were generally 30 days from invoicing and, due to the overheads involved with face to face fundraising, in particular travel expenses for fundraisers and venue hire, it was necessary for the Company to obtain invoice financing to ensure that it was able to meet day to day cashflow requirements
In August 2014 Pure was placed into administration which effectively crystallised the debt due to it The directors were aware that an agreement needed to be reached with the joint administrators of Pure and engaged tn discussions to agree terms for repayment over time During those discussions the directors of the Company who were also directors of Pure resigned, leaving Mr J Pinder as the sole director
Administrators' statement of proposals (2015-07-30) · Companies House register