CSDM Fundraising owed £739,000 to unsecured creditors, says administrator

The agency, which was set up by the fundraiser Chris Stoddard, went into administration on 28 June

Chris Stoddard
Chris Stoddard

The fundraising agency CSDM Fundraising went into administration owing £739,000 to unsecured creditors, according to a document produced by its administrator, MB Insolvency.

CSDM Fundraising, which entered administration on 28 June, was set up by the fundraiser Chris Stoddard, one of whose previous companies, called CSDM, also went into administration in 2010, owing £1.4m.

The largest creditors of CSDM Fundraising were Swiss Post, which was owed £174,000, and Affinion International, a services firm with a printing arm, which was owed £127,000.

The administrator’s document, dated 8 August, shows that Stoddard agreed with administrators in June to pay £35,000 to acquire all the remaining assets of CSDM Fundraising, which included office furniture, a motor vehicle and "goodwill".

Stoddard told the administrators that CSDM Fundraising was owed £475,000 by other unnamed creditors, but the administrator’s report says that this has been written off until it is apparent whether it can be collected.

The document also shows that CS Fundraising, another company owned by Stoddard, agreed on 24 January to acquire the list of donor data owned by CSDM Fundraising for £50,000, although the administrator’s report says it "cannot identify that these monies have been paid". CSDM Fundraising entered administration in June.

In January 2009, lists of donors owned by CSDM were sold to CS Incentive, another of Stoddard’s companies, for £100,000, documents seen by Third Sector in 2010 showed. CS Incentive went into liquidation in 2012.

CS Fundraising is continuing to operate from the same premises previously used by CSDM Fundraising, in Ross-on-Wye, Herefordshire. CS Fundraising said in a statement in July that it has taken on all the "clients, contracts and obligations" of CSDM Fundraising, as well as all of its 80 staff.

Stoddard claims that CSDM Fundraising went into administration because it lost £300,000 after a mail supplier did not deliver its post, the administrator’s report says.

Third Sector contacted CS Fundraising but was told that no one was available for comment.

Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Already registered?
Sign in
RSS Feed

Third Sector Insight

Sponsored webcasts, surveys and expert reports from Third Sector partners

Third Sector Logo

Get our bulletins. Read more articles. Join a growing community of Third Sector professionals

Register now