The administrator of Wrapit has confirmed the stricken wedding gift service has ceased trading.

KPMG, which was appointed administrator for Wrapit last week, said that 55 of the retailer’s 73 staff have been made redundant. The closure follows unsuccessful attempts by the directors to find a buyer for the business.

Joint adminstrator for Wrapit Myles Halley said: “A full report on the progress of the administration will be available within the next eight weeks. However, at this stage, we do not consider funds will be available for distribution to unsecured creditors.”

The remaining staff will be retained for a short period to ensure that couples who have stock allocated to them in the Wrapit warehouse will receive some of their gifts.