Wrapit staff cut by 75%
KPMG administrators announce sweeping redundancies after no buyers could be found for the ailing business
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.’
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceInsolvency statistics in the UK for the second quarter of 2023 were the highest since 2009 with 83% of them relating to small businesses Read More...
View articleThere were 6,342 recorded company insolvencies in Q2, reflecting a 9% increase compared to the number of insolvencies in Q1, and a 13% increase compar...
View articleThe survey paints a “brightening” picture of the global economy, according to the ACCA Read More...
View articleThe pandemic may have “distorted” some economic data Read More...
View articleAdvisory firms must offer a “more supportive” and holistic approach to clients amid the economic downturn Read More...
View articleHaving a clear plan and clean data to help optimise the use of scarce resources will be key for businesses Read More...
View articleThe Coronavirus Job Retention Scheme has supported millions of jobs amid the pandemic, but with the support measure set to end in September, how can a...
View articleShift from BBL debt to equity could pose wider business implications Read More...
View article