Park First is part of the empire built up by Toby Whittaker and his Group First scam.
The good news was that Park First protected the first 2 years income by way of a sub-lease to its wholly-owned management company. If that wasn’t comfort enough, this recommended route gave you a fixed 8% return on your investment in the first four years. Typically leases were for 6 years, but you could opt for a break after two years. What wasn’t to like. A lot , nfortunately.
Incorporated in February 2010, the last accounts for the period to June 2017, recorded a spectacular loss of £30 million and a deficit in the company balance sheet also of more than £30 million.
In December 2017 following an FCA probe and a cosy chat, Park First closed down some of their schemes. The FCA unsurprisingly were of the opinion that these investment opportunities were collective investment schemes which the unregulated Park First were not allowed to promote. The FCA also urged existing investors to proceed to seek urgent legal and financial advice. An offer was also made by Park First to refund the money they invested or entering into a lifetime leaseback. Unsurprisingly investors were immediately faced with insurmountable hurdles with either option. Those wanting a refund would have to wait for at least a year after the transfer of their space back to Park First. Interestingly Park First described their actions as “transparent.”
Despite these horrific losses and FCA intervention, the Park First website continues to provide a distinctly upbeat version of events. Investments in sites at Gatwick, Glasgow and Luton continue to be promoted. We are reminded that “traditionally, only the super-rich had the opportunity to invest in airport car parks in prime locations” Park First have been busy boys. They now own over 15,000 car parking spaces and operate through 10 airport parking brands and websites. If that wasn’t enough to tempt you to invest, you can be comforted by the fact that their airport parking portfolio has smashed through the £300 million barrier.
If you’ve been unfortunate enough to transfer your pension, savings or even re-mortgage your main residence to invest in Park First and lost money, Beat the Banks are here to help and depending on how the advice was given and the parties involved, you may even able to submit more than one claim. To find out more simply complete or enquiry form or call our expert team on 01382 200474.