Paypark Limited (09871483): administration
- Status
- Administration ended
- Administration began
- 2020-11-02
- Administrators
- Henry Anthony Shinners, Clare Lloyd
- Administrators' firm
- S&W Partners
- Formerly
- Airpark Limited
- Incorporated
- 2015-11-13
- Location
- London
- Industry
- 68320 Management of real estate on a fee or contract basis
Why it went into administration
- COVID-19
- Creditor pressure / legal action
- Parent or group failure
From the administrators' statement
The Group owns and operates four car parks close to Gatwick airport and six car parks close to Glasgow airport. The car parks are part of an investment scheme whereby invidivuals and corporates purchased long leasehold interests in car parking spaces at the sites in exchange for fixed returns. The freehold owning companies (Park First Freeholds Limited and Help Me Park Gatwick Limited) and the companies with rental agreements with investors (Park First Gatwick Rentals Limited and Park First Glasgow Rentals Limited) went into administration on 4 July 2019.
The Companies, known as the Operating Companies (or “OpCos”) managed the day to day operations of the Group’s car parks prior to their administration.
The directors have been in ongoing discussions with the joint administrators since the start of the Covid-19 pandemic, during which time it was established that the Companies were insolvent or are likely to become insolvent should travel restrictions continue to impact the trade of the Companies. Following the government’s travel restrictions imposed due to the “second wave” of the pandemic, it was agreed that the Companies should be placed into administration, having considered all other insolvency options.
Administrators' statement of proposals (2020-12-19) · Companies House register