04/08/2008
Wrapit Wraps Up Operations
Wedding present firm Wrapit has announced it is going into administration.
The news will prove devastating for up to 2,000 couples whose family and friends will lose the gifts they have ordered and paid for as their wedding presents.
The group, which handles around 2,500 to 3,000 wedding lists a year, has appointed KPMG as administrators.
It is understood Wrapit was left with no choice after it experienced "severe financial difficulties".
Managing Director, Peter Gelardi said in an email to customers that the firm had been unable to find a company to step in and rescue it.
"With heavy hearts, but mindful of our responsibilities with regard to wrongful trading, the Board of Wrapit plc set the insolvency wheels in motion," he said.
Geraldi has blamed HSBC for the company's financial ruin saying the bank had "precipitated the fall of Wrapit" by withholding £1m of payments on credit and debit cards.
HSBC has said that it will refund all those who bought gifts using a credit card or Visa Debit card, but around 20% of people who used a Switch/Maestro card or cheque to pay for their purchase will lose out.
Wrapit was co-founded by former fashion journalist Pepita Diamand in 2000 to allow couples to compile their lists, with guests able to buy items online through the website.
Customers of the firm have already faced long delays in receiving their gifts, with some newlyweds allegedly waiting for six months or more.
The firm fell into financial difficulty at the end of last year blaming the credit crunch and problems with the retail marker.
Wrapit, which has a central warehouse in Acton, west London, has showrooms in London's West End, Birmingham, Belfast and Manchester among others.
A spokeswoman for KPMG said couples should not visit the store's warehouses even if they have been told there were gifts for them there.
KPMG has set up a phoneline to answer customers' questions. The number is 0844 770 1301.
(DS)
The news will prove devastating for up to 2,000 couples whose family and friends will lose the gifts they have ordered and paid for as their wedding presents.
The group, which handles around 2,500 to 3,000 wedding lists a year, has appointed KPMG as administrators.
It is understood Wrapit was left with no choice after it experienced "severe financial difficulties".
Managing Director, Peter Gelardi said in an email to customers that the firm had been unable to find a company to step in and rescue it.
"With heavy hearts, but mindful of our responsibilities with regard to wrongful trading, the Board of Wrapit plc set the insolvency wheels in motion," he said.
Geraldi has blamed HSBC for the company's financial ruin saying the bank had "precipitated the fall of Wrapit" by withholding £1m of payments on credit and debit cards.
HSBC has said that it will refund all those who bought gifts using a credit card or Visa Debit card, but around 20% of people who used a Switch/Maestro card or cheque to pay for their purchase will lose out.
Wrapit was co-founded by former fashion journalist Pepita Diamand in 2000 to allow couples to compile their lists, with guests able to buy items online through the website.
Customers of the firm have already faced long delays in receiving their gifts, with some newlyweds allegedly waiting for six months or more.
The firm fell into financial difficulty at the end of last year blaming the credit crunch and problems with the retail marker.
Wrapit, which has a central warehouse in Acton, west London, has showrooms in London's West End, Birmingham, Belfast and Manchester among others.
A spokeswoman for KPMG said couples should not visit the store's warehouses even if they have been told there were gifts for them there.
KPMG has set up a phoneline to answer customers' questions. The number is 0844 770 1301.
(DS)
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