BusinessBusiness RecoveryDTI to investigate hamper business Farepak

DTI to investigate hamper business Farepak

DTI to investigate Farepak, the hamper company that went into administration earlier this month

Trade and industry secretary Alistair Darling has announced an investigation
into collapsed hamper and vouchers business Farepak.

Darling told a trade and industry committee that the collapse of the
business, which had as many as 100,000 customers and had received up to £15m
from them, was a matter of great concern as so many people had invested money.

‘We do not normally announce investigations, but because this company is in
administration I can tell the committee that this morning, officers from the
Company Investigations Branch have started an investigation under the Companies
Act 1985,’ said Darling.

The DTI made it clear later that this did not mean it believed fraud was the
reason for Farepak’s collapse.

MPs have also called on BDO
Stoy Hayward
to recover as much as possible from the collapsed business, to
help families who had saved for presents and food.

A commons motion has been signed by 21 MPs calling on Farepak adminstrators
from BDO Stoy Hayward to ‘do everything in their power to recover and return as
much of the company’s customers’ savings as possible’.

Farepak ceased
trading earlier this month.

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