Former Wrapit co-founder Peter Gelardi sees second online retail business fail

Peter Gelardi, former co-founder of Wrapit, the online wedding gift firm that caused a huge furore when thousands of presents bought by wedding guests never materialised, has opted to “dissolve” his second online retail firm, PleaseandThankyou, as it “didn’t make any money”.

However, the businessman will not be put off from the risky world of start-ups as he looks to launch a new venture to make “a living”.

He told The Daily Telegraph: “[PleaseandThankyou] didn’t make any money so we closed it. It stopped trading some time ago. The retail market is very tough.”

Mr Gelardi, who launched PleaseandThankyou with his son Nicolas on April Fool’s Day in 2009, said the retailer had stopped trading “in the middle of last year”. The firm had no outstanding debts, he said. “It traded for a couple of years but it wasn’t hugely successful. The margins were very thin. We closed the company.”

PleaseandThankyou, which sold a range of home and garden products, opened for business less than a year after the controversial collapse of Wrapit in 2008.

Soon after its demise, brides and grooms – some dressed in their wedding outfits – marched on the Canary Wharf office of Wrapit’s bank, HSBC, where Peter Gelardi laid the blame for the firm’s demise. HSBC refutes the accusation.

Before Wrapit, Peter Gelardi was a director of Alternative Investment Market-listed World Telecom between 1994 and 1999 before he resigned and the company called in the receivers. Like Wrapit, World Telecom ran out of money and could not find a trade buyer.

Peter Gelardi, the former founder of Jazz FM, has resigned from eight companies between 1991 and 2004. Six of those companies have been dissolved.