Farepak to pay customers back

FAREPAK customers who lost money when the Christmas savings group went into administration will now receive 15p for every pound they lost.

The group’s directors have agreed to pay up £4m from their own pockets in compensation to the 150,000 customers who subscribed to their savings scheme.

The number marks a small portion of the monstrous £40m that was lost by customers who were due to receive their savings.

Agreements over the payments were reached by administrators BDO and the former board.