The directors of fundraising technology and CRM consultancy Purple Vision have confirmed that the organisation will go be placed in voluntary liquidation.
In a statement on its website it that Purple Vision ceased trading on 31 July 2017, and that “a voluntary liquidation process will commence as soon as possible”. The statement also said that, ceasing to trade at that time, meant that Purple Vision’s directors were “able to ensure that all salaries are paid to date, and to minimise the impact on those few trade creditors that exist”.
The organisation's last set of total exemption small company accounts made up to 31 March 2016, and published on Companies House in December 2016, show the organisation had total assets of £170,970 and amounts falling due within one year of £179,282.
The company's LinkendIn page suggests it had around 20 employees at the time it went into liquidation, although that figure has yet to be confirmed.
Merger fell through
The statement suggests that a planned “merger with another business” which fell through was the main reason behind the organisation entering liquidation.
It also said that “new business has declined substantially” since April of last year due to “a difficult trading climate” which placed further financial pressure on the organisation.
“In April 2016, Purple Vision embarked on a strategy of growth with the aim of achieving long term sustainability. This strategy involved merging with another business as well as investments in the structure and resources necessary for growth.
“Unfortunately, this plan was not successful. The directors decided to consolidate by disposing of part of the business and restructuring to re-establish the stability that had previously existed. This process has been underway since April but in that time in a difficult trading climate new business has declined substantially, placing increased financial pressure on the downsizing plan.”
Purple Vision will also “no longer be able to deliver work which we have agreed and planned with our clients”, but the statement said that the organisation’s directors “aim to do all they can to advise and support clients to maintain the moment of projects in alternative ways”.
Purple Vision was launched in 2003 and worked with at least 300 charity and not for profit clients in that time. It had an office in London as well as one in Frankfurt, Germany.
The Institute of Fundraising have confirmed that Purple Vision was a former member, but have declined to comment further on its closure.
Accountancy firm Wilkins Kennedy LLP has been appointed to place the company into creditor’s voluntary liquidation. Wilkins Kennedy LLP have been approached for comment.