CS Fundraising, a direct-mail agency run by the businessman and fundraiser Chris Stoddard, is going into liquidation.
The official register The Gazette announced earlier this month that there would be a meeting of creditors of the company, which has offices in Ross-on-Wye in Herefordshire and Malvern in Worcestershire. The company was founded in 2008 and Stoddard is its only director.
The meeting took place last Friday at Moor Hall Hotel and Spa in Sutton Coldfield, Birmingham. A list of the company’s creditors, and how much it owes, has yet to be made public. A statement from the insolvency company Wilson Field said Robert Dymond and Lisa Hogg were appointed as joint liquidators of CS Fundraising on 19 December.
In 2010 Stoddard’s company CSDM went into administration, leaving some creditors unpaid. Its assets were acquired from the administrators by another Stoddard company, CSDM Fundraising, which went into administrationin 2013, leaving some creditors unpaid.
Stoddard said in a statement that CS Fundraising acquired the business of CSDM Fundraising from its administrators in June 2013, but it became clear following the administration that the payment-by-results model CSDM used "posed challenges to some commentators within the charity industry".
The statement said: "Through the media and other channels, they voiced the strong view that a service that helped smaller charities to gain the benefit of direct-mail fundraising on a payment-by-results basis was not welcome in the UK, although it has worked successfully and to the benefit of many charities elsewhere – notably the US. Some people and organisations in positions of influence went to great lengths to make it as difficult as possible for the CSDM/CSF model of business to continue."
In the statement, Stoddard said he intended to revert to a conventional direct-mail service provider model that required clients to place orders on a job-by-job basis, with these orders being fulfilled and invoiced. He said that he planned to set up "a totally new vehicle" to fulfil this role, but did not say what it would be called.
The statement said: "At the time of liquidation, CSF will owe only a nominal amount to trade creditors with whom arrangements have been made so that, once assets are realised in the liquidation, it is not expected that any proven creditors will be remain unpaid."
Companies House records show that Stoddard has held 37 director appointments. Of those, he remains a director of 11 companies, he has resigned from 10 and 16 of the companies have been dissolved.