Wrapit goes bust …
I have just heard today on the radio that Wrapit the wedding list company has gone into administration. Orders booked on credit cards can be rescued but think of all those weddings that will be ruined due to this company going under. The website was still unbelievably live when I last checked it but wedding forums are quickly talking about it.
Profile:
Pepita Diamand
Age: 34
Company: Wrapit
Focus: Online retail
Diamand simply calls her business “the best wedding gift list service in Britain”. It’s easy to see why. The virtual department store and 14 showrooms across the UK will draw in an estimated 200,000 users by the end of the year, boosting turnover to £7.5m from last year’s £5m figure. Canadian-born Diamand raised £2.5m to launch the business in 2000 and has enjoyed growth of 75% a year since 2002 and a recent contract win with Fenwick’s.
Another victim of the credit crunch or poor management?
August 5th, 2008 at 2:57 pm
Mmmm… I paid £166 for a gift in December 07, wedding was in April, as of end July the bride and groom still hadn’t got their present. And while darling Pepita was sipping cocktails in Sardina, her company was being wound up by KPMG. The business model was simple, the cashflow should have been great. Someone’s taken the money and run…