The ‘white knight’ investor who was poised to take over Charity Business just before it collapsed has been revealed as London-based high-tech entrepreneur Nelson Wootton.

Wootton, who is currently managing director of two businesses: mobile e-commerce outfit Lyfthelm and motorcycle insurance broker Bike Devil, confirmed to civilsociety.co.uk that he came close to buying the outsourcing agency Charity Business in January but backed out at the eleventh hour after doing due diligence.

“Yes, I was hoping to invest in Charity Business,” he said. “I’d been given a partial picture of the state of the company and on that basis I believed I could take it on and turn it around.

“However, when I received the full facts, unfortunately it became clear to me that I would not be able to salvage the company. During the negotiation period Charity Business’s revenues dropped sharply, increasing the risks beyond a level where I could reasonably proceed.

“This is particularly sad as Charity Business’s employees were very dedicated and loyal to the charities they served.”

He said he was aware of Charity Business CEO Mark Freeman’s claim for unfair dismissal against the parent company CBusiness Holdings but it played no part in his decision not to proceed.  

Bristol Employment Tribunal confirmed this morning that Freeman’s case has been brought forward to 9 March.

Charity Business ceased trading in January and at least some of its 200-odd charity clients are reportedly still trying to retrieve their financial data from the company.