Tue 6th Aug 2019 - Exclusive: Wrapchic acquired out of administration Exclusive – Wrapchic acquired out of administration: Fusion fast-food business Wrapchic has been acquired out of administration, after running into issues with some of its franchisees, Propel has learned. Nichola Cusack and Rishi Karia, of Parker Andrews, were appointed joint administrators of Wrapchic near the end of last month, with the company, which was founded in 2012, growing to 27 sites throughout the UK, mainly through franchising. Propel understands while franchisees were operating from the majority of the sites, the leases for the premises were largely in the company's name and due to issues with some franchisees, the business suffered from the resultant liabilities. Propel has learned the joint administrators were able to successfully negotiate a sale of the company's business and assets, resulting in the continuation of the majority of the sites and continued employment for its employees. A statement from the joint administrators said: “The sale minimises the number of stores closures, providing continuation for the majority of franchisees and jobs for their staff, while minimising potential claims from affected landlords.” It is thought the business, which was founded and is led by Mahesh Raikar, has been acquired in a pre-pack administration deal. Propel understands the business was purchased by Zampor, with the company’s intellectual property being assigned to Fairway Commerce. Both companies are registered at the same address as Wrapchic. The director of the companies is Atul Patel, who is also a director of Wrapchic. The company recently closed its two sites in Preston, and earlier this year shuttered its site in Leicester’s Gallowtree Gate area. It has also closed its Milton Keynes site but has said this will reopen soon. Over the past month, Wrapchic has opened new sites in Uxbridge and at the London Designer Outlet in Wembley. It is also one of the brands set to open at Manchester airport’s new £1bn “super terminal” next year.