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Farepak in administration: What to do? (Merged Thread)

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Comments

  • Been reading this thread over the last couple of days and just wanted to send you all big hugs as you try to come to terms with the fact that you've been robbed by scum.

    It's just unacceptable. I feel for those that have lost money but I really feel for the agents. If I was in your position I too would feel so guilty even though it wasn't my fault, and I can understand that you would rather see everyone else alright financially before you are recompensed. As someone else said earlier Christmas will still be a great xmas but it will no doubt be marred, particularly in the run-up to the big day, by the anger you all so deservedly feel. You can have a great xmas on a tight budget, but to have one on a very very tight budget is especially difficult and it's always lovely to see the kids open a present that they've been wanting for so long. Be honest with them, and try not to borrow money unless you really have to (just my MSE bit, sorry lol.) Good luck and I'm thinking of you all.

    PS. I remember buying concert tickets last year and the company went bust costing me £50+. That was so annoying and angering and that was only £50! I can't imagine how you must feel losing so much more. Good luck guys. Here's hoping for a positive outcome.
  • michjoe
    michjoe Posts: 227 Forumite
    zsazsa wrote:
    I know it is worth writing to your MP/MSP the Scottish Parliament have had a Motion enrolled there asking them to get the Scottish Executive to investigate this - so if you have not writtten to your MP it is worth a shot!
    I have emailed my MP but haven't had a response, what a surprise.
  • Forgot To Say Anybody Got A Directory Of Unlisted Phone Numbers Would Love To Be Able To Give Him A Ring At Home
  • nommo
    nommo Posts: 12 Forumite
    karren wrote:
    cant register on the site, else i would help you out, sorry

    hi karen - sorry yes - i was a little hasty posting the link - the domain wasn't working fully... and neither was my email as a result. All fixed now. Please come and help - once we have colleted and extracted enough facts on the situation - the http://www.unfairpak.co.uk forum will be turned into part of a 'proper' website.

    I am still going through all the threads on this forum! Which is turning out to be the most informed place on the net. I look forward to looking around the rest of the site when I get the time! Keep up the good work Martin and team.

    Best Regards
    Paul
  • Frell
    Frell Posts: 171 Forumite
    Hmm thats about a 15 minute drive from where I am, So when i get the free time to (busy building my own business) I will go and pay them a visit... See what they go to say to me, Maybe show them my recpit from shopping in December too so they can see how much out of pocket I am.
  • nommo
    nommo Posts: 12 Forumite
    However that reluctance on the part of the firm's bankers should not have you thinking 'typical banks funk' as an earlier post states about HBOS. The banks' caution may result from an extaordinary purchase made by this once cash rich group in 2002 or 2003. They had £24m in the kitty and used it plus bank loans to buy two businesses for about £36m which had barely 2 years trading behind them. In less than 2 years EHR had to write off all but about £4m of the money spent because the acquired businesses were only really worth that much. At that point shareholders funds were negative, in other words the banks were funding all operations, and it is not really surprising that they pulled the plug faced with a further cash call.

    This extrordinary purchase for prompt cash rather than staged performance-related payments of dubious assets valued at more than the company's reserves - and the rapid write-off, was never satisfactorily explained. Even to shareholders of which I am (was?) one.

    I picked up on this also - being an ex-dotcommer. From looking at the 2005 Interim Statement (archived at http://www.unfairpak.co.uk/files/interim2005.pdf ) - it seems they thought that Web 2.0 was going to take the form of another tech boom and that by diversifying into online and media (IWOOT, Kitbag, eeZee TV) they would be able to 'goose' the company and complete a successful exit strategy. Now the question is whether the directors actually knew that Findel or any other potential purchaser of EHR assets would not want to take on the debts of Farepack customers.

    There is some strategy with all the mergers, buy-outs and renaming and further the outsourcing of hampers (also mentioned in the interim statement) that has somehow managed to use money collected from Farepak customers and Agents up till the day of the administration notce. I can't quite put my finger on it - I am not an economist or corporate analyst by any stretch of the imagination - but I almost had it a second ago..
    And Bob Johnson, the firm's founder and majority shareholder died suddenly on holiday in Sardinia before he could be asked. MSE's readership is so wide there may be an expert in Italian companies' shady operations for milking companies and avoiding tax reading this. If so does this scenario sound familiar?

    Splosh.
  • Has anyone else noticed that Stevan Lloyd Fowler, the one that lives in the "lovely house" Tower House, was a Secretary as well as a Director! It's nice to know that someone has done alright out of this shambles :mad: !!!.
    I'm one of the fortunate ones who did not help 'finance' these conning B's but along with everyone else, my heart goes out to you all and if there are any letters of protest to be sent, I will be sending them out along with the rest of you. I'm just sorry I can't do more :sad: .
    Also I can't but help notice that he only became Secretary in July of this year. Seeing as he had been a Director since January of this year, didn't he have the business sense to spot the problem sooner. After all it's been said that the problem had been noted as early as August.

    Michelle x
  • zsazsa wrote:
    I know it is worth writing to your MP/MSP the Scottish Parliament have had a Motion enrolled there asking them to get the Scottish Executive to investigate this - so if you have not writtten to your MP it is worth a shot!
    I would urge everyone affected to contact their local MP,Paper ,Newsstation,The more publicity this gets the more hope somthing may be done.
    I and one of my customers have contacted all our local Mp's and have some sort of response from them all,
    Surely the big losers in all this mess are the children ,I expect he majority of Farepak customers are families with young children (most of the people I know are)Or Grannies and Grandad saving to buy presents for their granchildren.So it will be the children who suffer come chistmas morning.
    So please contact anyone you can who will keep this in the public eye ,before it becomes yesterdays news !!!!
  • I dont know if this will be any use to anybody but the following link lets you access some pages from the farepak website.

    http://www.farepak.co.uk/info.asp?page=aboutus
  • MEMBER02
    MEMBER02 Posts: 812 Forumite
    Part of the Furniture Combo Breaker
    Farepak has been operating from its Swindon site since its foundation in 1969, and has now grown to serve over 35,000 agents.

    Originally developed as a traditional Christmas Hamper company, Farepak has grown to be one of the largest, and the most safe and reliable, Christmas savings schemes in the country. Tens of thousands of customers enjoy Farepak's excellent range of hampers, gifts and shopping vouchers.

    We use the experience and knowledge of our friendly staff to ensure that our Agents receive hampers that contain the best branded products and the freshest meats, at great value prices.

    As one of the founding members of the Hamper Industry Trade Association, we adhere to the HITA Code of Practice to ensure the security of your savings and the safe delivery of your hampers and gifts.

    WHAT A JOKE!!!!!!!!!!!!!!!!!!!!!!!!
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