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Hundreds of couples are facing an anxious wait to discover if they will receive their wedding presents after a gift listing service company announced that it was facing increasing financial difficulty and was seeking a salvage treaty from its backers in order to evade administration.
Wrapit which deals with around 3,500 wedding lists annually via its online operations, claimed that it intended to transform and revamp the future of the wedding list industry and launched what they claimed was the ‘Ultimate Wedding Service’ when their online operations began in 2000.
The company was established by a former fashion reporter, once boasted an annual turnover of £6.3million and received a National Small Business award in 2005. However it has been attempting to refinance its operations since September 2007 and has since faced a barrage of complaints from angry clients declaring delivery delays of up to nine months on certain items.
In an official announcement Wrapit said:
“We have encountered a financial difficulty due to the fact that our bankers HSBC have held £1m of our money which would otherwise have been devoted to fulfilling our orders. We are working with our advisers, KPMG, and will make further announcements in due course.”
The struggling company has closed down all of its land based operations and showrooms to new customers until further notice. Alarmed couples attempting to contact the company headquarters based in London were greeted by a recorded message advising them that the situation would be clarified shortly.
Tags: wedding gift list service, wrapit
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