Park Group planning to change name ‘to reflect its ambitions’

Financial products to Christmas hampers group Park is proposing to change its name at its annual general meeting today, to ‘better reflect its ambitions’.

It also announced today that its profits will be suppressed this year due to costs incurred with its strategic business plan, including relocation from its Birkenhead base into a new Liverpool HQ.

In a trading update ahead of its annual general meeting today, Park said this is in line with the announcement in its results statement this June.

It said the costs relate to the transition to the new offices, as well as additional technology and marketing investment.

Last week the firm transferred 248 staff from Birkenhead to its new offices in 20 Chapel Street. Although the core business team will move, Park will maintain its roots and presence in Birkenhead, with its distribution of gift cards and hamper operations remaining at the Valley Road site.

Chairman Laura Carstensen said group trading in the first five months of the current financial year has been in line with expectations.

“We have seen continued growth in our corporate business alongside a stable performance in the Christmas savings market.”

Park provides a range of financial products, such as reward and gift schemes and pre-paid cards, as well as operating a Christmas hamper savings arm.

Ms Carstensen added: “As shareholders will be aware Park, is a highly seasonal business with the majority of revenue reported in the second half of the year – commencing 1 October – leading to reported losses in the first half of the year, as in prior years.”

Regarding the group’s transition, she said: “We are pleased to confirm that we relocated last week to our new fit-for-purpose offices in Chapel Street, Liverpool, where our AGM is being held today.

“We believe this office move will ensure we operate an integrated working culture as well as help us retain and attract talented staff.

“We are making good progress on rationalising our brand architecture, which will make our products and offering easier for consumers, corporate clients and investors to understand.

“As part of this we have proposed changing the company’s name to Appreciate Group plc, which we believe better reflects our ambitions for the group, for approval at today’s AGM.”

She said the group continues to invest in its technology to enhance its capabilities, capacity, functionality and performance: “We are busy implementing a new Enterprise Resource Planning (ERP) system, Microsoft Dynamics 365, which we selected in the Spring.

“Work on our new digitally optimised product, targeting currently untapped areas of the gift voucher market, is well under way and we are encouraged by progress thus far. A further update on the product as well as a launch date is expected in the second half of the year.”

Looking ahead, she said: “The transformation the business is undergoing will create a more robust and scalable model, putting us in a strong position for future growth.

“Overall, we continue to make significant strides in positioning the group to take full advantage of the opportunities available in our market.”