Wrapit’s debts revealed but creditors will get nothing

Housewares suppliers owed money following the collapse of wedding list company Wrapit are unlikely to see any of it, according to its administrators.

Wrapit's debts revealed but creditors will get nothing

A report put out by KPMG lists Wrapit’s debts and creditors in full, showing that almost £1.6m is owed to trade creditors, and revealing that housewares suppliers are amongst the hardest hit.

Tabletop companies suffered in particular, with Wedgwood topping the list of creditors in the housewares sector and sustaining the fifth largest debt overall, at £42,000. Sister brand Waterford Crystal also took a big knock, owed £21,500.

Other tabletop companies set to lose significant sums of money include Arthur Price, £41,000; Villeroy & Boch, £16,500; Dartington Crystal, £15,000; Bliss, £11,500; Alessi, £11,000; and Denby, £5,000.

Many cookware and kitchenware suppliers also appear on the list of creditors, including Le Creuset, owed £8,000; Beka, £7,000; Chomette, £7,000; Haus, £5,500; and Brabantia, £5,500.

Wrapit went into administration in July this year, building losses over several years despite rising sales.

The administrators’ report shows that the sale of the majority of the company’s assets realised just £39,000 and that there is an outstanding wage bill of £70,000.

However, it says: “There will be no distribution to preferential creditors [staff] from administration funds in this case.”

It also reveals that trade creditors are almost certain to get no money: “Based on current estimates it is highly unlikely that there will be a distribution to ordinary unsecured creditors in this case”.

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