The liquidators of a popular fast food chain that operated nationwide have appointed CAPA to audit the business.
CAPA will be conducting a rates audit of sites at Wrapchic, which specialised in melding Mexican dishes with Indian ingredients. The franchise operated from outlets in high streets and shopping centres around the country, with a strong presence in the midlands, Yorkshire and London.
While it had traded at one point as a successful chain, the company’s financial problems stemmed from the fact that leases on 14 premises it operated from were in the company’s own name – not the franchisees who ran them.
When franchisees were unable to rent, traded poorly or stopped trading altogether, financial problems increased for Wrapchic. After overheads and losses mounted up, the company entered insolvency. In the end Rishi Karia and Nicholas Cusack, partners at the business advisory and recovery firm Parker Andrews, were appointed administrators in July last year.
After putting the company into liquidation, Parker Andrews instructed CAPA to conduct the rates audit on 17 sites the franchise traded from.
This means CAPA’s Audit team will now bespoke software to conduct a forensic analysis of data on rates paid out across those premises to local authorities.
The team will inspect the data to identify any errors or anomalies, before recovering any overpaid cash for Wrapchic’s creditors.