Wrapit on brink of administration as it seeks buyer

Wedding gift specialist Wrapit is trying to find a buyer or investor to avoid going into administration.

Wrapit on brink of administration as it seeks buyer

The company, which has been in financial difficulty for some time, is thought to be only days or weeks away from calling in administrators.

Wrapit handles wedding lists for between 2,500 and 3,500 couples a year and stopped taking money for new lists last week. However, one report says that some couples have been waiting since April for gifts to be delivered.

The company says that its bank, HSBC, is withholding £1m of its money, “which would otherwise have been devoted to fulfilling our orders”.

Wrapit operates via its website and 15 showrooms throughout the UK, which are now open by appointment only.

The latest message to customers on the Wrapit website says: “Talks continue with our advisers and several possible sources of finance and we are still optimistic that we will find the solution to Wrapit’s current difficult financial circumstances.

“We are doing our best to resolve the situation as soon as possible and believe that there is a realistic chance that we will be able to complete our wedding list orders, as normal. However, we won’t know for certain until the end of this week.”

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