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ordered goods, wrong item sent, seller refuses to send item ordered. Legal rights?

HELP!!! I need some advice. I order a multibuy from Create and Craft, part of Ideal World, which had a 50% discount for club members, but still cost £102.41. They took my order and the cost. I paid by credit card.
When the order arrived on Friday I had been sent the wrong item. I called customer services immediately and was told to return the wrong item, at their cost, and request a replacement on the returns form. I raised my concern about what would happen if the item sold out while my return was being processed but the agent said they had plenty of stock and so this would not happen. This sounds 'so far so good'.
But, I then watched the shows selling the item and it went to limited stock. I sent them an email requesting that they reserve me an item and explained about the error on their part. I got a mail saying that if stock had run out of the multibuy they would give me a refund.
In the time it took for their reply to come the item had sold out, so I sent them another email pointing out that I had a contract with them to supply the goods and that it was an error on their part which had caused the problem. I also stated that I had I known that there was a danger of a sell out I would have requested a refund of my original order and would have raised a new order as at the point that I spoke to their agent there was still stock available. I suggested that they could put together the collection in the multibuy from the single items they still have in stock and send this to me instead.
The email reply I got totally ignored the points I had made and simply stated again that if there is a sell out they will just refund the money.

I do not want a refund. To buy the items will now cost £282-92 as I would have to order them as single items as even the smaller bundles they had have sold out.

Is there any way that I can insist that they send me what I ordered? Does anyone know what the law is on this?
I am expecting a call from thiar customer services in a couple of hours and would be really grateful for any help?:(:(
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