(Bloomberg) -- The Confederation of British Industry has postponed its annual meeting at the last minute amid concerns about cash flow.

The UK’s best-known lobby group was hit by sexual assault and rape allegations in April, which led to a string of businesses withdrawing sponsorship and leaving the organization entirely. 

Since then, the business group has faced financial difficulties, telling staff its wage bill would be cut by a third.

In a message sent to members explaining the postponement of Wednesday’s AGM, the group said it had “experienced some short term cashflow challenges.” 

It added that it is “in positive dialogue over finalising financing options and are confident that we will be able to resolve this short-term issue.” The organization said it remained in a strong position in the medium to long term.

The Sunday Times reported over the weekend that the CBI was asking its remaining members for £3 million ($3.72 million) to tide it over while it considered a potential merger with Make UK, a lobbying group for manufacturing.

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The British Chambers of Commerce has sought to plug a gap left by a slimmed-down CBI. The rival lobby group started a “business council” which last week held its inaugural meeting alongside Housing Secretary Michael Gove and the Labour party’s shadow chancellor of the exchequer Rachel Reeves.

Rain Newton-Smith, who returned to the CBI earlier this year as director general in an attempt to save the group, has been battling to maintain its political influence. She spoke with Labour’s shadow business secretary in June, and has arranged a meeting with Chancellor of the Exchequer Jeremy Hunt in the coming weeks, according to Sky News.

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