Car parking schemes go into administration leaving 6,000 investors facing uncertain future

Parking

Four car parking companies which were part of an investment scheme have gone into administration leaving 6,000 investors facing an uncertain future.

Park First Freeholds, Help Me Park Gatwick, Park First Glasgow Rentals and Park First Gatwick Rentals were operated by Lancashire businessman Toby Whittaker.

According to some reports £33m in cash now under the administrators’ control

The car parks at Glasgow and Gatwick will continue to operate during this process.

Investments in the car parking schemes were originally sold to individuals and corporates in the UK and internationally.

The car parking schemes were restructured in 2017-18, following intervention from the Financial Conduct Authority.

At the time FCA said it was concerned they may have been structured as collective investment schemes.

Investors were offered the choice of getting their initial investment back or moving into a new ‘lifetime leaseback’ scheme.

Smith & Williamson directors Finbarr O’Connell, Adam Stephens, Emma Thompson and Andy McGill have now been appointed joint administrators of the companies.

Lifetime lease scheme members will see their ongoing financial returns suspended while the terms of the CVAs are put together by the administrators.

Joint administrator Mr O’Connell said: “Due to the number of purchasers/investors that requested buy-backs, and due to operational difficulties with the operation of the car parks and potential claims against the Park First rental companies, the companies do not currently have sufficient funds available to satisfy the financial demands on them.

“On this basis, professional advice was sought and the directors resolved that the companies should be placed into administration to provide protection for the benefit of their creditors.”

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