‘No interest in company yet’ say Wrapit administrators

Stricken wedding list company Wrapit has, as yet, no potential buyer in the offing, the company’s administrators told HousewaresLive.net this afternoon.
“We’re not aware of any expressions of interest at the moment,” a spokesman for KPMG Restructuring said.

“Obviously, we’d be looking for buyers of the assets of the company, but this is not an asset-rich company.

“Although we’ll be offering the company for sale that will only be for a limited period – it will not be months.”

He could not confirm reports that some customers who have been let down by Wrapit – around 2,000 newly-weds and their guests, reportedly left with a combined loss of some £700,000 – have been trying to gain access to the showrooms and warehouse to recover goods.

“The business has ceased trading so the stores are not open for business,” he said, “and we’re not recommending that customers descend on the warehouse in London.”

He added that 55 Wrapit employees have been made redundant.

Wrapit called in the administrators on Monday, owing some £3.5m to its main creditor HSBC. The company, which handled 3,000 wedding lists a year, has failed to make a profit for the last six years of trading.

It has blamed its bank, HSBC, for its collapse, a claim which HSBC denies.

“We are confident that HSBC has at all times acted appropriately given the circumstances, and any suggestion that HSBC is responsible for Wrapit’s problems is absolutely refuted,” it said.

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