Redundancies are being made at telephone fundraising company Pell & Bales in a restructure and direction change following a management buy-out of its holding company.

Management at The Panther Group, which owns the  company as well as for-profit Spokenfor, have assured clients that service will be uninterrupted during the upcoming changes, which will see 23 staff at Pell & Bales and in the head office lose their jobs.

The announcement by The Panther Group follows sector rumours that Pell & Bales is in financial trouble, but the company says the restructure is a straightforward management buy-out and will mark a future concentration on innovation, rather than treating expansion and acquisition as top priority.

New managing director of Pell & Bales, Brian Seale, said: “This market doesn’t stand still, charities’ needs change, as do fundraising methods and channels.

“We aim to hold our market lead while being more creative in the calls we make.”

Derwyn Jones, incumbent chief executive at the company, advised the restructured Pell & Bales has come to a company voluntary arrangement with its creditors:

“Significant investment in technology and the opening of the Canadian operation has left the company with increased costs and debts.

“This [debt agreement] is an entirely voluntary arrangement entered into by Pell & Bales and its creditors, and our clients and creditors have been very supportive,” said Jones.