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The collapse of Farepak gives support to our Campaign against holding companies. The company which owned all of the shares in Farepak borrowed money from Farepak and used it to subsidise their failing empire. It seems likely that the HBOS bank, superstores and HM Government would prefer to offer some compensation to savers, rather than consider changing the law.
Farepak families fund is launched
A new fund is being set up to help the thousands of families affected by the collapse of the Farepak hamper firm. (BBC, 7 Nov 2006)
The Farepak fiasco nightmare
Kirsty Macauley knows what it feels like to have her piggybank raided. A pregnant single mother-of-three from Ayrshire, she is one of the estimated 120,000 people who have lost money due the collapse of Farepak, a savings club that encouraged people to save monthly for vouchers to spend at Christmas. (Telegraph, 29 Oct 2006)
Merryn on Money: Christmas is cancelled
When Christmas company Farepak went into administration last week (for reasons that remain unclear) its customers were completely shocked: 170,000 of them had been saving for their Christmas presents and meals through the firm and had put in an average of £200 each — some a great deal more. Administrators have made it pretty clear they aren’t getting their money back. (Times, 22 Oct 2006)
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