Park First Statement: July 2021
Dear valued Park First client,
Group First on behalf of Park First is pleased to confirm that it has reached a conditional settlement with the Financial Conduct Authority (FCA) in full and final settlement of claims that the FCA has brought relating to the operation of car park sites.
Park First has worked closely with both the FCA and the Administrators of four Park First car parking businesses to put together a package of proposals for the benefit of investors in the car parks. These proposals will ensure the contribution of substantial additional funds into the car park businesses through Company Voluntary Arrangements (CVAs). The CVAs will also ensure that the car parking businesses are able to continue to operate in a manner that is beneficial for the investors in those schemes.
The substantial additional contribution of funds and restructuring of the car parking schemes is dependent on the creditors approving the CVA proposals which will be issued to them shortly. Park First will be contributing a total of £58 million to investors in the car parking schemes if the CVA proposals are successful. Park First is committed and focused on the successful operation of the car parks for the benefit of the investors.
If you have any queries or would like to speak to anyone in regard to the CVA proposal 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.