Insolvency firm Parker Andrews Ltd was appointed administrator to the 27-strong group on 26 July following “issues” with some of its franchisees.
The Wrapchic business has been bought by Zampor Limited, while its intellectual property has been assigned to Fairway Commerce Limited. Both companies are registered at the same address as Wrapchic in London.
A full list of sites closing has not been confirmed but local news reports indicate locations in Leicester and Preston shut prior to the administration.
“The sale minimises the number of store closures, providing continuation for the majority of franchisees and jobs for their staff, whilst minimising potential claims from affected landlords,” says Nicholas Cusak, joint administrator at Parker Andrews.
Wrapchic was founded in Birmingham in 2011 and expanded rapidly under franchise, opening in high streets, airports and shopping centres.
It also ran two sites in Dubai, though only one appears to still be trading.
In June it was announced Wrapchic would open at Manchester airport as part of a £1bn revamp in 2020.