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Wedding gift firm ceases trading Wedding gift firm ceases trading
(40 minutes later)
Struggling wedding present firm Wrapit has ceased trading after attempts to rescue the business failed.Struggling wedding present firm Wrapit has ceased trading after attempts to rescue the business failed.
Administrators KPMG said they were seeking a buyer for the business that handled about 3,000 gift lists a year. Administrators KPMG said they were seeking a buyer for the business which handled about 3,000 gift lists a year.
The move could mean disappointment for brides and grooms that have used the firm, and a call centre has been set up to handle customer concerns. Wrapit said purchases made on a credit or Visa debit card would be refunded but that those customers using cheque or Switch/Maestro would lose out.
Wrapit said that customers who made purchases using a credit card or a Visa debit card will get a full refund. A call centre has been set up to handle concerns from the 2,000 couples and up to 100,000 guests affected by the move.
However, guests who bought gifts using using a Switch/Maestro card or by a cheque will not be entitled to a refund. 'No choice'
KPMG said the Wrapit was left with no choice but to put the firm into administration after it experienced severe financial difficulties.KPMG said the Wrapit was left with no choice but to put the firm into administration after it experienced severe financial difficulties.
A KPMG spokesman said that Wrapit owned just under £6m to its main creditor HSBC. He added that the firm had never made any money in six years of trading. This is a total nightmare class="" href="/1/hi/business/7525221.stm">Wrapit customers tell their stories
KPMG said customers who believe they may be owed money should call 0844 7701301. "We are seeking a buyer for the business and its assets," said Jane Moriarty of KPMG restructuring.
A KPMG spokesman said that Wrapit owed just under £3.5m to its main creditor HSBC. The firm had never made any money in six years of trading, he added.
KPMG said customers who believed they may be owed money should call 0844 7701301.
Wrapit helped couples to compile their gift lists and allowed their guests to buy the items online through their website. It would then purchase and deliver the items to the happy couple.
Distress
The firm's managing director Peter Gelardi apologised for the distress caused to customers.
He said the the firm had fought hard to keep Wrapit in business and find a "white knight" to rescue it.