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Wedding gift firm ceases trading Wedding gift firm ceases trading
(10 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 which 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.
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 purchases made on a credit or Visa debit card would be refunded but that those customers using cheque or Switch/Maestro would lose out.
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.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.
'No choice''No choice'
KPMG said Wrapit was left with no choice but to put the firm into administration after it experienced severe financial difficulties.KPMG said Wrapit was left with no choice but to put the firm into administration after it experienced severe financial difficulties.
This is a total nightmare Wrapit customers tell their storiesQ&A: What can Wrapit customers do?This is a total nightmare Wrapit customers tell their storiesQ&A: What can Wrapit customers do?
"We are seeking a buyer for the business and its assets," said Jane Moriarty of KPMG restructuring."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.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.KPMG said customers who believed they may be owed money should call 0844 7701301.
'Gutted''Gutted'
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.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.
Ciara Barr and her husband Travers closed their gift registry with Wrapit in February and she said they had not received any of the £700 worth of presents ordered by their wedding guests.Ciara Barr and her husband Travers closed their gift registry with Wrapit in February and she said they had not received any of the £700 worth of presents ordered by their wedding guests.
"We're gutted," she said."We're gutted," she said.
"All our guests bought things that would've had sentimental value," she added."All our guests bought things that would've had sentimental value," she added.
The firm's managing director Peter Gelardi apologised for the distress caused to customers.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.He said the the firm had fought hard to keep Wrapit in business and find a "white knight" to rescue it.
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