In the News - Wrap-It

Wrap-It collapse leaves 2,000 couples without wedding gifts

Wrap-It, the online wedding list firm, has gone into administration leaving an estimated 2,000 newlywed couples without their gifts. Reports on Plebble suggest couples waiting at least 8 months for their gifts and now many are unlikely to receive them at all. This has left approximately 100,000 guests with an estimated bill of £700,000 for gifts that will never be delivered.

Wrap-It went into administration following HSBC's decision to remove its credit card processing facility. However this follows Wrap-It's financial difficulties. Wrap-it made a loss for the last 6 years and recently failed to win rescue finance from a venture capitalist. HSBC is proposing to repay guests who paid for the gifts by credit cards. However an estimated 20,000 guests who paid by debit cards stand to lose out.

(Sources: Guardian.co.uk Times Online Telegraph.co.uk)

AdviceCentre note: If you've been affected, take a look at Help! I'm owed money by a company whose gone into administration for information on what you can do.

Posted by Plebble Admin at 09:03 on 05-Aug-2008