The telephone fundraising agency Listen has closed and will enter into administration, putting 106 jobs on the line.
The company said in a statement to Third Sector that it would go into administration as the "only responsible option" to maximise the financial returns to its creditors.
Listen had run for 10 years and raised more than £250m for charities during that time.
The company entered into a company voluntary arrangement in February to pay off debts of more than £650,000 in an attempt to keep trading.
According to documents filed with Companies House at the time, the company owed £319,000 to HM Revenue & Customs, £325,000 to the leasing company Stadium Investments and £7,000 to Listen’s parent company TCLLH.
Ben Smith, a director of Listen, said he was not yet able to confirm the exact level of the company's remaining debt.
No money is owed to any charities, the company's statement said, adding that it would work with clients to ensure data was returned in a timely fashion.
The company workforce has fallen from 332 in March 2015 to 106 this year.
The statement said: "It is with great sadness that today we announce the closure of Listen Ltd, as we bring the business to a close after a number of years of challenging trading.
"After exploring all possible actions to continue the company, attract outside investment and widen our offering to our clients, it has become clear that the business cannot continue to operate in the current market.
"We’d like to thank our clients, our dedicated and skilled management team and the thousands of fundraisers who have walked through our doors in the past decade for everything they have done to make Listen the friendly, supportive and collaborative environment that it was."