The fundraising company set up by the founders of the now-defunct door-to-door agency Home Fundraising has gone into administration, with the loss of 150 jobs.
Hope & Will, which offered face-to-face fundraising and supporter engagement services, was set up in March by Dominic Will and Neil Hope after the collapse of Home, which they had run for 16 years.
Third Sector understands that many of the employees at Hope & Will had been among the 1,100 people who were made redundant at Home and had transferred to the new company.
Will told Third Sector that start-up ventures such as Hope & Will were always risky.
"The plan was sound, but we were just taking a little too long to get to a more comfortable financial position," Will said.
"Margins are tight in this business, and unfortunately our pockets weren’t deep enough to plug those gaps."
He said the closure of the company was "unfortunate and a shame for everyone associated with it".
He said: "Everyone worked really hard to get something moving quickly, but the financials just took a bit too long to get where we needed to get to."
Home Fundraising owed £1.8m when it went into administration and is expected to pay back only about £225,000, or 12.4 per cent, documents filed with Companies House revealed in July.