CSV has today announced that 110 jobs are at risk and that it plans to sell three buildings worth around £2m.
It said it also plans to close its 12 learning centres which help young and vulnerable people learn new skills and find employment. It is consulting with 110 staff.
CSV also plans to sell three of its buildings, which were worth £1.9m as of March 2012. It has property in North London, Islington, Bristol and Cardiff.
The volunteering charity has faced a tough financial climate for some time. It lost £5.7m in funding when the government’s Future Jobs Fund ended in 2011. It also lost its £1.1m strategic partner grant from the Cabinet Office, along with other government contracts.
Its most recent published accounts for the year to 31 March 2012, show its income fell by £10m to £22.5m.
It has today announced that it plans to close its learning operations. Income from its learning operations has fallen, dropping by £7m in 2012, from £21.4m to £14.4m.
Sir Jon Shortridge, chair of CSV, said: “In recent years we have been facing a very difficult financial challenge.
"Whilst we have increased income, improved our performance and impact and made reductions in the level of our deficit, the overall level of financial risk we are facing remains far too high. So we have to make major changes in the way we operate in order to strengthen our finances and ensure we can continue to deliver our vital charitable services."
He added: “Following a fundamental business review we have concluded that we must initiate the orderly closure of our learning operations. We have reached this decision with great sadness but we are convinced this is the only way to provide CSV’s core volunteering work with a sustainable future.”
The charity will close its learning operations later this summer, once all the current learners have completed their programme or qualifications.
These are the CSV Learning Centres in Hackney, Islington, Bromley, Southwark, Ipswich, Hereford, Redditch, Worcester, Manchester, Preston, Newcastle and Blyth.
