MSE News: Beware shopping gift vouchers during economic turmoil

enjay3005 · 1 January 2012 at 1:14PM

I was given a small retiremnent gift of a gift card issued by Sussex Staioners/British Bookshops. They went bust within 2 weeks of Christmas last year. I have registered as an unsecured creditor and after a year it looks as though I may get £1.50 while two directors of the company are in line for tens of thousands as preferred creditors. WH Smith bought some of the store but won't honour the gift cards. Yes, be very very carful when giving gift cards!

antrobus · 1 January 2012 at 1:48PM

billbennett wrote: »

But if the Bank of Ireland goes tits up, you still lose your cash. Even if the stores that accept it are still OK.

If the Bank of Ireland goes 'tits up' it will have absolutely no effect on GVS Gift Voucher Shop Ltd which actually issues one4all giftcards. Mind you, I think that GVS is subsidiary of An Post Limited i.e. the Irish Post Office. Sadly An Post is in a similar position to the Royal Mail Group. Which is to say, technically insolvent and reliant on the support of its shareholders, which in An Post's case would be the Irish Government.