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Wrapit Folds For Good

Despite early hopes that those who had not received their wedding presents from fallen idol Wrapit would be in line for a payment from the administrators or their gifts have been dashed. The administrators of the group, KPMG, have confirmed that it is highly unlikely that any funds will be available to compensate those who have suffered. But there may be light at the end of the tunnel...

As we have covered on this blog over the last couple of weeks it looks as though those who ordered goods using their credit cards will have recourse to their card providers and should be able to reclaim lost funds - as the gifts were never received. However the news for those who acquired via cheques or debit cards is a little less encouraging with no recourse to their bank and little chance of any return.

KPMG has also confirmed that the 55 full time staff who worked for Wrapit have all been laid off and there is no chance of the group being taken over. It is all a rather sad end to what was once a flourishing business but the real victims are those who ordered wedding gifts for friends and family, many of whom will struggle to replace the funds lost.

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