In times of boom, weddings are
lavish occasions. In 2004, steel tycoon Lakshmi Mittal threw the
world's most expensive wedding for his daughter Vanisha. The
six-day celebration came in at a cool $60m. But only four years
later, the recession bit and marriages fell to their lowest level
in the UK since 1895. Couples who were still determined to marry
chose recession-busting ceremonies in winter, rather than splashing
out on a summer do, when venues and even catering can be up to 20
per cent more expensive.
There were casualties. Internet
wedding gift company, Wrapit, went into administration in August
2008, leaving over 2,000 newlywed couples without gifts on the big
day. Wedding guests lost an estimated £700,000.
And the fall-off in nuptials
continues to take its toll on British businesses. Last week another
wedding business went into administration. Wedding planning and
supplies business Confetti was forced to close its stores in
Glasgow, Leeds, Birmingham, Reading and London and make over half
of its 94 staff redundant on Friday due to mounting debts.
Founded in 1999 by David Lethbridge
and Andrew Doe, Confetti claimed a substantial chunk of the wedding
market, turning over £5.7m last year. The e-commerce arm
Confetti.com was receiving over eight million hits a month. But
when private equity firm Findel Group decided to offload sister
business Iwantoneofthose.com to the Hut Group for £600,000, the new
owners saw no future for the Confetti brand.
Now, administrators RSM Tenon are
hoping to find a buyer for the chain. Kenny Craig, director with
RSM Tenon in Glasgow, told The Daily Mail: "The
administration presents an outstanding opportunity for a retail
business or entrepreneur to acquire an immediate presence in the
wedding and celebrations market."
If you've got some cash to flash,
the deadline for bids closes on 23 August. But caveat emptor,
marriage rates continue to drop to new lows; you may have to start
a sideline in funerals. After all, nothing is certain but death and
taxes.
By Rebecca Burn-Callander