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26 July 2019 | Comment | Article by Neil Stockdale

Park First enters into administration putting 6000 investors at risk

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.

If you have invested with Store First or Park First, either through your Self-Invested Personal Pension (SIPP), or if you received regulated financial advice to make a cash investment, contact us today for a free no obligation initial consultation.

Author bio

Neil is head of the firm’s group actions and financial mis-selling teams, specialising in handling claims for financial mis-selling relating to energy contracts, pensions, investments and timeshares.

Disclaimer: The information on the Hugh James website is for general information only and reflects the position at the date of publication. It does not constitute legal advice and should not be treated as such. If you would like to ensure the commentary reflects current legislation, case law or best practice, please contact the blog author.

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