Park First Statement: August 2020
Dear valued Park First client,
Park First Update - August 2020
Park First airport car parks have faced a variety of challenges due to the Covid -19 pandemic. Tourism and air travel was one of the first global facilities to be severely restricted, so it obviously follows that all airport car parks were also an early casualty of the pandemic.
As an investor, you obviously want to know two things:
1. How are your investments performing in the wake of Covid-19?
2. When will the Park First Group CVA be published?
The answer to the first question...
We have done everything possible to keep the airport car parks operating effectively and profitably given the extraordinary circumstances that we have faced during the past six months.
During this period, we maintained skeleton staff at the car parks with other members of staff being furloughed. Lockdown throughout the world resulted in end users not being able to travel back to pick up their vehicles. As part of our service we continued to communicate with everyone that could not return to as planned, in order to reassure them that their cars were being kept in a secure location under observation until such time as they could fly back home. Thankfully, everyone has now returned safe and well and all vehicles have been collected.
We have agreed to amend bookings to future dates for customers who could not attend on the original dates booked due to flight cancellations.
Whilst acknowledging bookings are not at the same level as previous years due to the pandemic, we can confirm bookings are on an upward trend increasing slowly but steadily week by week. Park First staff are now returning into work from furlough.
A wide range of measures have been introduced into the car parks ensuring end users and staff arrive at a Covid compliant environment.
Plans are now underway and have started on site to upgrade and refurbish the airport parking facilities giving a twofold benefit;
- End users benefit from a high standard of facilities and services, resulting in repeat bookings along with a safe and secure environment experience.
- Retain the asset value in the property held by investor landlords.
The answer to the second question...
The lawyers and administrators at Smith and Williamson are working towards finalising the CVA proposal to be sent to all investors as soon as possible. We are now at the final stages with a draft proposal in place and would like to thank everyone for their patience during this process. To help keep you updated, regular updates are posted on Smith and Williamson’s website https://smithandwilliamson.com/park-first. Upon receipt of the CVA proposal, as an investor you will be asked to vote on the proposal however given the current situation with Covid we understand you will be able to vote by way of an electronic vote.
Moving forward, we are preparing to provide regular updates to investors so that - in the run up to the publication of the CVA - informed decisions can be made once the details of the proposals are finalised and distributed.
Take a moment to read feedback given by Martin Orrell, Director of Airport Parking Rentals (Gatwick) Ltd & Paypark Ltd, who was appointed director of those companies at the request of the Administrators, following a recent visit to Gatwick http://www.parkfirst.com/feedback-given-by-martin-orrell
Finally, Group First would like to thank all Park First investors who supported the Administrators’ Proposals, which are focused on finding a restructuring solution for all investors and creditors as quickly as possible.
If you have any queries or would like to speak to anyone in regard to the ongoing process, the contact details are set out below:
Smith and Williamson
Telephone: +44 (0) 20 7131 8912
Telephone +44 (0) 1282 330 330
Stay well and safe,
Group First Global Ltd.