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Majority of Wrapit couples will not receive their gifts.
Archived article dated Thursday August 14th 2008
Following their appointment on 4 August the administrators to Wrapit plc, Jane Moriarty and Myles Halley of KPMG Restructuring have been reviewing all the options for the business.
The administrators confirmed that the business had ceased trading and that 55 of the 73 staff had been made redundant. This follows unsuccessful attempts by the directors to find a buyer for the business. The remaining staff will be retained for a short period to ensure that couples who have stock allocated to them in the warehouse will receive some of their gifts.
In addition, the company and administrators will continue to operate the helpline for the time being to deal with queries from couples, the majority of whom will not now receive any of their gifts.Myles Halley said: “A full report on the progress of the administration will be available within the next eight weeks. This will include the results of our preliminary investigation into the reasons for the company's failure as well as the prospects for the unsecured creditors. However, at this stage, we do not consider funds will be available for distribution to unsecured creditors.”
Tagged as: wrapit
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