Towards the end of last year the Financial Conduct Authority (FCA) took action in respect of Park First Limited who had been promoting and operating high-risk car parking investment schemes. The FCA decided that this was a regulated activity which only authorised firms and individuals are permitted to promote.
Park First has agreed to stop operating and promoting the scheme and has worked with the FCA to create a new investment package which is not considered a regulated activity. As the investment requires changes Park First have offered to its investors the opportunity to sell back the space (buy back option) and exit the investment altogether, or alternatively grant a new lifetime lease (lifetime leaseback scheme).
The investments offered by Park First included spaces in car parks surrounding Glasgow and Gatwick. Some of the affected car parks surrounding Gatwick Airport include:
- Ifield Car Park
- Effingham Road Car Park
- Bonnets Lane Car Park
- Cophall Car Park