BusinessBusiness RecoveryWrapit staff cut by 75%

Wrapit staff cut by 75%

KPMG administrators announce sweeping redundancies after no buyers could be found for the ailing business

Three quarters of the staff at Wrapit, the troubled wedding list company have
been made redundant.

Adminstrators from KPMG said the staff cuts were unavoidable after a buyer
for the business could not be found.

‘Following their appointment on 4 August the administrators to Wrapit plc,
Jane Moriarty and Myles Halley of KPMG Restructuring have been reviewing all the
options for the business. The administrators confirm that the business has
ceased trading and that 55 of the 73 staff have been made redundant. This
follows unsuccessful attempts by the directors to find a buyer for the
business.’

The remaining staff will be kept on for a short period to ensure that couples
who have stock allocated to them in the warehouse will receive some of their
wedding presents.

KPMG will continue to operate the helpline to deal with queries from couples
but conceded the majority will ‘not now receive any of their gifts.’

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