Thu, 07 Mar 2019 | ADMINISTRATION
Leaving a 16-year legacy of delivering door-to-door fundraising for a number of charities behind, HOME Fundraising announced that it was entering voluntary administration.
The agency was forced to call in accountancy firm HW Fisher & Company to handle the administration process, with the administrators actively looking for buyers to take on all parts of the business and its assets.
Joint managing director of HOME, Dominic Will, believed that the reason the business went into administration as due to the rising costs of downscaling the business in order to maintain flexibility in a rapidly evolving marketplace.
He said: “It’s been an extremely difficult time for fundraising agencies in the recent years, with the need to adapt to a dramatically changing marketplace. There is also considerable uncertainty within the UK economy to which very few businesses will be immune, particularly those that carry significant staff and infrastructure costs.
“HOME’s business model and philosophy revolved around the direct recruitment and training of all fundraising staff, creating a workforce of experienced, talented and committed fundraisers. Ultimately, despite all of our efforts, we have been able to reconcile the cost of adapting and downscaling within the capacity of the ongoing business. Taking the company into administration at this juncture is the most responsible course of action.”
The company’s most recent accounts show a turnover of £22 million in the year ending 31 March 2017, whilst only securing a profit of £556,000. In the previous year, the business endured a loss of £181,000.
Despite these figures, Neil Hope – also HOME Fundraising’s joint managing director – said the company had raised £1 billion in its 16 years of operation.
The administration team are seeking buyers and are inviting all offers of interest immediately.
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