CSDM Fundraising goes into administration

The agency was set up by the fundraiser Chris Stoddard after the closure in 2010 of his previous company, which is now in liquidation

Chris Stoddard
Chris Stoddard

The fundraising agency CSDM Fundraising has gone into administration.

The agency was set up by the fundraiser Chris Stoddard, several of whose previous fundraising agencies have also gone into administration.

Justin Brown, manager at the administrators MB Insolvency, said: "We can confirm that CSDM Fundraising went into administration on 28 June and we are dealing with the case." He declined to make any further comment.

Stoddard said a new company, CS Fundraising, would take on all the "clients, contracts and obligations" of CSDM Fundraising. All staff will continue to be employed, he said.

Stoddard blamed his decision to go into administration on the actions of an unnamed third-party subcontractor that "failed to meet its obligations".

"The losses from this event are still being assessed but are estimated at some £300,000," he said. "It is not possible to comment further on this as the matter is subject to legal proceedings."

He said that "relatively few creditors" remained on CSDM Fundraising’s purchase ledger.

Stoddard set up CSDM Fundraising after the closure of his previous company, CSDM, in June 2010. CSDM owed £1.4m to creditors and is now in liquidation.

Stoddard said that CSDM had also been shut down because of the actions of a third-party subcontractor, in this case a mailing company that did not deliver CSDM's letters.

Creditors have previously told Third Sector they expect to receive little of the money owed.

CSDM Fundraising was set up in June 2010 and initially employed the same staff as CSDM. Like Stoddard’s previous companies, it lists its address as an industrial unit in Ross-on-Wye, Herefordshire. It was previously known as CSDM Fundraising Directors.

The total debts of CSDM Fundraising are not known. The firm’s most recent accounts, made up to December 2011 and filed with Companies House, show that it owed £338,000. The same accounts show that the firm made a profit of £92,000 in the year.

One creditor, who did not wish to be identified, told Third Sector that he was owed £160,000 by CSDM Fundraising.

David Ainsworth

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