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| Version 2 | Version 3 |
|---|---|
| Farepak savers 'to get 4p in £1' | Farepak savers 'to get 4p in £1' |
| (about 3 hours later) | |
| Administrators of collapsed Christmas savings club Farepak have said clients may get back as little as 4 pence for every £1 they paid into the scheme. | Administrators of collapsed Christmas savings club Farepak have said clients may get back as little as 4 pence for every £1 they paid into the scheme. |
| Customers are unlikely to get any of the cash they are due until after the festive season, BDO Stoy Hayward said. | Customers are unlikely to get any of the cash they are due until after the festive season, BDO Stoy Hayward said. |
| More than 150,000 people are thought to have lost about £35m when Swindon-based Farepak crashed last month. | More than 150,000 people are thought to have lost about £35m when Swindon-based Farepak crashed last month. |
| While some clients had been saving for Christmas hampers, most had planned on getting vouchers to use in shops. | While some clients had been saving for Christmas hampers, most had planned on getting vouchers to use in shops. |
| Donations | Donations |
| A customer who paid £500 into the scheme now faces being left with only £20. | A customer who paid £500 into the scheme now faces being left with only £20. |
| "We have always said from the outset that people would receive a very small amount and it could be 4p or 5p in every £1 on current estimates," a BDO spokesman said. | |
| "That is based on our current estimates on the number of customers that are involved and the value of Farepak's assets to be shared out." | "That is based on our current estimates on the number of customers that are involved and the value of Farepak's assets to be shared out." |
| A families fund for Farepak members is thought to have raised more than £4m in donations. | A families fund for Farepak members is thought to have raised more than £4m in donations. |
| We were led to believe that a solvent solution was achievable William RollasonEHR chief executive | We were led to believe that a solvent solution was achievable William RollasonEHR chief executive |
| Retailers have weighed in with contributions, and HBOS, the banker of Farepak's parent company European Home Retail (EHR) has put forward £2m. | |
| Farepak customers who paid with a credit card in instalments between £100 and £30,000 will be protected. | Farepak customers who paid with a credit card in instalments between £100 and £30,000 will be protected. |
| Criticised | Criticised |
| Shares in EHR were suspended on August 23 but Farepak continued to collect money from customers until mid October. | Shares in EHR were suspended on August 23 but Farepak continued to collect money from customers until mid October. |
| Speaking for the first time since the scandal broke, EHR chief executive William Rollason has defended his role in the collapse of Farepak. | Speaking for the first time since the scandal broke, EHR chief executive William Rollason has defended his role in the collapse of Farepak. |
| In a statement to the BBC, he denied taking savers money knowing the firm was unlikely to survive | In a statement to the BBC, he denied taking savers money knowing the firm was unlikely to survive |
| "We were led to believe that a solvent solution was achievable - and this remained the case even after the shares were suspended," he said. | "We were led to believe that a solvent solution was achievable - and this remained the case even after the shares were suspended," he said. |
| "In the end this proved to be impossible, and we can only repeat that we are extremely sorry and disappointed with what has happened." | "In the end this proved to be impossible, and we can only repeat that we are extremely sorry and disappointed with what has happened." |
| EHR chairman Sir Clive Thompson,has been heavily criticised, with Labour MP Jim Devine calling him "the unacceptable face of capitalism" and saying he was unworthy of his knighthood. | |
| Sir Clive is currently enjoying a luxury holiday in Argentina and told the BBC that people should reserve judgement on him until a Department of Trade and Industry investigation was complete. | |
| He has blamed HBOS for cancelling Farepak's overdraft facility. | He has blamed HBOS for cancelling Farepak's overdraft facility. |