Wrapit Customers Will Not Be Refunded
13/08/2008
Administrators of the insolvent wedding gift list company Wrapit have announced that customers are unlikely to receive either their gifts or their money back.
Wrapit's suppliers and staff are also unlikely to be re-imbursed. The business stopped trading on 4th August and is for sale, but no buyer has come forward.
Only 18 of the company's 73 staff remain in their jobs. Those who are still working there have the task of dealing with the newly married couples whose presents have arrived in the warehouse. When all the gifts have been collected, the rest of the staff is likely to be made redundant.
About 2,000 newly married couples have been waiting to see if they will receive any of the gifts bought for them by their families and friends, but administrators Jane Moriarty and Myles Halley, from KPMG, have said this is unlikely in the majority of cases.
Wrapit's bank, HBSC, has a debenture on the company, meaning they will be repaid ahead of customers, staff and suppliers. As a result, administrator Halley has said: "At this stage we do not consider funds will be available for distribution to unsecured lenders."
Wrapit's suppliers and staff are also unlikely to be re-imbursed. The business stopped trading on 4th August and is for sale, but no buyer has come forward.
Only 18 of the company's 73 staff remain in their jobs. Those who are still working there have the task of dealing with the newly married couples whose presents have arrived in the warehouse. When all the gifts have been collected, the rest of the staff is likely to be made redundant.
About 2,000 newly married couples have been waiting to see if they will receive any of the gifts bought for them by their families and friends, but administrators Jane Moriarty and Myles Halley, from KPMG, have said this is unlikely in the majority of cases.
Wrapit's bank, HBSC, has a debenture on the company, meaning they will be repaid ahead of customers, staff and suppliers. As a result, administrator Halley has said: "At this stage we do not consider funds will be available for distribution to unsecured lenders."
