CBI postpones annual meeting as it scrambles for cash

The business group, which formerly claimed to represent around 190,000 companies, has been under pressure since the spring

The CBI’s Annual General Meeting was meant to take place on Wednesday. (Jonathan Brady/PA) (PA Wire)

The Confederation of British Industry (CBI) has postponed its annual meeting at the last minute as it tries to shore up its troubled finances.

The lobby group said that it was “in positive dialogue” to try to get money that can help solve its “short-term cash flow challenges”, it told members on Tuesday.

The organisation was at the heart of a storm earlier this year following a series of allegations of sexual harassment and rape against members of its staff.

As a result, dozens of members of the influential trade body left the group – creating a hole in its finances.

The group’s annual general meeting (AGM) was scheduled to take place on Wednesday, but was postponed just a day before.

In a message to its members, the business group said: “At the CBI, we’re serious about our commitment to you, to be more accountable and transparent in our decision-making and work.

“As has been reported, the CBI has experienced some short term cashflow challenges.

“To reassure members, we are in positive dialogue over finalising financing options and are confident that we will be able to resolve this short-term issue and secure the footing of an organisation that remains in a strong medium to long term position.

“But given the significant interest in the CBI right now, we are opening-up and refocusing our previously planned AGM.”

Reports have emerged in recent weeks that the CBI is seeking to tie up its operations with Make UK, the trade body for UK manufacturers.

Earlier this month, the bodies were reported to be in “early-stage discussions”, according to Sky News.