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It's A Wrap for Wedding Gift Firm

News that wedding gift firm Wrapit has gone into administration will not come as a total shock to readers of this site after we picked up on the story last month. However, this does not make it any easier for the estimated 100,000 guests who will now need to reclaim their funds for presents highly unlikely to make it to the couples of the day.

It has been reported that Wrapit has gone into administration with debts of £5 million after seemingly being refused access to credit card and debit card income of £4 million. The company has placed the blame fairly and squarely at the doors of HSBC and there is rumoured to be a large protest planned by the 2,000 couples likely to be hit by the collapse. While it is not clear why or how HSBC denied the group access to this alleged income the writing seems to have been on the wall for a little while with rumours circulating that the group was having cash flow problems.

As is normally the case in these situations, the slightest whiff of problems has seen many potential customers look elsewhere further intensifying the cash flow problems the group was rumoured to be experiencing.

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