Park First enters administration
As of 4 July 2019 the parking space investment scheme operator, Park First, was placed into administration putting 6000 investors at risk.
Park First operates sites in Glasgow and Gatwick, and originally promised investors guaranteed returns of 8% per year following the purchase of individual parking spaces for around £20,000 each.
Following an intervention by the Financial Conduct Authority in 2017, the investment scheme was restructured and investors were offered the chance to either sell the investment back to Park First, or to enter a new ‘lifetime leaseback’ scheme.
Many investors opted to request the ‘buy-back’ option which, due to the financial demands, contributed to the companies entering administration.
We understand that the administrators, Smith & Williamson, will be making contact with investors with their proposals for voluntary liquidation in the coming months.
Store First
Park First is owned by Toby Whittaker, who has also seen a number of his Store First companies ordered to wind up by the High Court.
We understand that Pay Store Limited will continue to provide day-to-day service of the Store First business whilst The Official Receiver, who is a civil servant appointed by the Insolvency Service, will deal with the assets and liabilities of the four companies that have been wound-up.
