Park First Freeholds Limited (in administration)
Park First Glasgow Rentals Limited (in administration)
Park First Gatwick Rentals Limited (in administration)
Help Me Park Gatwick Limited (in administration)
together “the Companies”
UPDATE 30/07/2020: The following update is now available along with the administrators’ second progress report:
A link to our report on the progress of the administrations for the six months to 3 July 2020 is below. Insolvency legislation dictates the level of information which we must provide to investors and creditors and the report is therefore necessarily detailed.
The key points to take away from the report are:
- The majority of the Companies’ car parks are currently not operational due to the impact that the COVID-19 pandemic has had on global air travel
- Our investigations into mis-selling and cash tracing are complete except for some outstanding queries
- We have had a number of constructive meetings with the creditors’ committees and we have shared the high level terms of the CVA proposals with them and also sought their input on these draft terms
- We have made good progress in drafting the CVA proposals and other associated documentation.
- We are working towards issuing the CVA proposals to investors and creditors in August with a view to holding meetings of investors and creditors to vote on the proposals in September
UPDATE 10/07/2020: Important information regarding potential scams:
- Notice to investors and creditors regarding recent correspondence which was NOT sent by the Administrators
UPDATE 26/06/2020: The following document is now available to download:
UPDATE 04/06/2020: The following document is now available to download:
UPDATE 30/04/2020: The following document is now available to download:
UPDATE 26/03/2020: Important information regarding potential scams:
Further to our update of 20 March 2020, we thought it would be helpful to share the type of correspondence that investors and creditors may receive. Please find below an example of such a letter purporting to be from Adam Stephens, who is one of the Joint Administrators.
For the avoidance of doubt, this letter is not legitimate and was not sent by, or on behalf of the Joint Administrators.
Neither the Administrators, nor anyone instructed by the Administrators, will ever ask investors for money up-front and we remind all investors to remain extremely vigilant when corresponding with any parties who make any such claims and demand money for such services.
If you have any concerns regarding potential scammers, please seek independent advice.
If you believe you are a victim of a scammer, please contact Action Fraud on 0300 123 2040 or by visiting their website: https://www.actionfraud.police.uk/
UPDATE 20/03/2020: The following document is now available to download:
UPDATE 24/02/2020: The following document is now available to download:
UPDATE 31/01/2020: The following update is now available along with the administrators’ progress report:
A link to our report on the progress of the administrations for the six months to 3 January is below. Insolvency legislation dictates the level of information which we must provide to investors and creditors and the report is therefore necessarily detailed.
The key points to take away from the report are:
- The car parks are continuing to trade and generate profits for the benefit of the life time lease investors.
- We need to conclude our various ongoing investigations before being able to finalise the CVA proposals.
- We are working very constructively with the newly formed creditors’ committees and will be taking investor and creditor input from them as regards the contents of the CVA proposals.
- We are working to conclude the drafting of the CVA proposals (assuming that this will provide the greatest return to investors and creditors) as soon as possible in order to return money to investors and creditors or in order to restructure the life time lease structure so that it is sustainable and for the benefit of the investors.
- When we issue the CVA proposals we will give the investors and the creditors the opportunity to vote in favour of the CVA option or in favour of the alternative outcome options. We will be sharing our conclusions and recommendations with the investors and the creditors as regards which options we believe will bring them the best financial outcome in all the circumstances.
- We cannot issue a timetable at the moment as regards when the CVA and other options will be put to the investors and creditors but we will issue such a timetable as soon as possible.
UPDATE 29/01/2020: The following information from Revenue Scotland is now available to download (please note that these documents are only relevant to investors with parking spaces in Glasgow):
UPDATE 09/01/2020: The following documents are now available to download:
UPDATE 02/12/2019: The following documents are now available to download:
- Letter from the Administrators dated 2 December 2019
- Outcome of decisions considered at the meeting of creditors and investors held on 25 November 2019
UPDATE 21/11/2019: The Administrators have provided the following update regarding availability of the £33million that is currently held by solicitors for the benefit of investors:
UPDATE 15/11/2019: The following "Bios" are now available to assist investors and creditors in nominating creditors’ committee members:
- Help Me Park Gatwick Limited
- Park First Freeholds Limited
- Park First Gatwick Rentals Limited
- Park First Glasgow Rentals Limited
UPDATE 08/11/2019: The following documents are now available to download
- Letter to Creditors & Investors regarding 25 November 2019 Creditors Meetings
- Proxy forms for The Companies
- Proof of Debt from for Voting Purposes
UPDATE 06/11/2019: The Administrators have provided the following update containing information regarding creditors’ committees:
UPDATE 06/11/2019: Following the Court hearing on 4 November, the Administrators have provided the following update:
UPDATE 11/10/2019: The following letter is now available for download:
UPDATE 9/10/2019: The following letter is now available for download:
UPDATE 03/10/2019: The following update is now available for download:
UPDATE 06/09/2019: The following documents are now available for download:
- Covering letter, Decision Notice, Proof of Debt form and Proxy Forms
- R3 Guide to Creditors’ Committees
UPDATE 04/09/2019: The administrators have now received sufficient requests for a physical meeting of the four Companies. The administrators will be holding the meeting in London on 1 October 2019.
The administrators will send (on 6 September 2019) further details to creditors regarding the time and location of the meeting as well as what documentation you will need to provide.
As a physical meeting of the Companies has been requested by creditors, please note the following:
- any voting forms submitted will now be superseded by this meeting
- new proxy forms will be issued with regard to the business of this meeting
- the deadline of 10 September 2019 is no longer relevant
UPDATE 03/09/2019: The administrators have provided a further Frequently Asked Questions sheet.
Finbarr O’Connell, Adam Stephens, Andy McGill and Emma Thompson all of Smith & Williamson LLP were appointed Joint Administrators of the Companies on 4 July 2019.
This website will be used to provide purchasers of car park spaces, investors in car park spaces and creditors with information, and will be updated when information becomes available on the administration of the Companies.
The administrators are in the process of writing to all creditors.
For further information please refer to the Joint Administrators’ Questions and Answers (“Q&A”), this is available from a link in the right side panel.
Should you need to contact the administrators, you are advised that email is the best method of contact at present.
However, the joint administrators have set up a dedicated mailbox at 020 7131 8912 where you can leave a message. This mailbox will also be monitored, however due to the quantum of calls received on a daily basis, we will only be responding to urgent queries at present.
If you are a journalist and have a press related query please contact Mark Gee (Mark.Gee@smithandwilliamson.com).
The affairs, business and property of the Companies are being managed by the joint administrators Finbarr O'Connell, Adam Stephens, Andy McGill and Emma Thompson who act as agents of the Companies and without personal liability. Finbarr O'Connell, Adam Stephens, Andy McGill and Emma Thompson are licensed as insolvency practitioners in the UK by the Institute of Chartered Accountants in England and Wales. Park First Freeholds Limited is incorporated in England and Wales under the Companies Act 2006 with registered number 11033422. Park First Glasgow Rentals Limited is incorporated in England and Wales under the Companies Act 2006 with registered number 10994132. Park First Gatwick Rentals Limited is incorporated in England and Wales under the Companies Act 2006 with registered number 10994206. Help Me Park Gatwick Limited is incorporated in England and Wales under the Companies Act 2006 with registered number 09654985. The Fair Processing Notice in relation to the General Data Protection Regulation can be accessed using the link on the right hand menu. Should you wish to be supplied with a hard copy, free of charge, please contact Smith & Williamson’s offices.
- Update To Creditors And Investors 03.10.19
- RRS Fair Processing Notice
- Press release 04.07.2019
- Questions and Answers
- Park First Joint Administrators' Report And Proposals
- Letter To Creditors Calling Physical Meeting
- R3 Guide To Creditors Committees
- Letter from the Administrators dated 11 October 2019