European Home Retail, Farepak's parent company, chairman Sir Clive Thompson and Gilodi-Johnson both blame Halifax Bank of Scotland (HBOS), a claim the bank has rejected.
Thompson said HBOS refused to support Farepak because of a£1.5 million funding shortfall and rejected five proposed rescue packages they offered.
Gilodi-Johnson said: 'Despite our efforts to resolve the situation, it was ultimately forced into receivership after HBOS terminated its long-standing credit facility.'
He added: 'What has happened to Farepak and its customers is nothing short of a tragedy. I feel its loss with immense sadness as it was a business my father founded and devoted his life to building and strengthening. I am really so sorry.'
The managing director said his family would also be making a contribution to the Farepak Fund.
Marks & Spencer revealed it would replace the savings of M&S staff that have lost money through the collapse of Farepak. This is in addition to the£250,000 the retailer has already pledged to the Response Fund.
Marks & Spencer chief executive Stuart Rose said: 'This is an exceptional situation and we have been looking at how we can help our people. We will replace their lost savings with M&S vouchers and hope this means they can now enjoy their Christmas.'
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