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The Park Prepayments Protection Trust has been designed to increase protection for customers' prepayments in the event of Park Group going into administration or liquidation before the customers have received the products they have paid for.
The trust is administered by a trustee company, Park Prepayments Trustee Company Limited, which acts as trustee. This company has three directors, two of which are independent of Park. Releases of funds from the trust can be made in specified circumstances and requires the approval of the trustee in accordance with the rules of the trust, which are available on this website.
In particular, the rules of the trust allow for the release of funds to Park each year for use in the business, enabling it to meet its operational costs, if, in the directors' view, Park has sufficient funds to enable it to carry on its business on a solvent basis and deliver the products ordered. This is required to be confirmed by the company's directors each time a release of funds is required. This means that the level of protection for customers is likely to vary at different times of the year. Last year no funds were released on this basis.
Further releases of funds from the trust can also be made, subject to further confirmation by the company's directors, to purchase products for orders. All such products are held by the trust until required for delivery. Once the orders have been delivered, the remaining funds in the trust are released to the company.
If the company ceases to operate its business for any reason or goes into administration or liquidation, the available trust funds will be returned to the customers by the trustee subject only to the payment of specified administration costs. Park hopes that these additional arrangements reassure its customers of its continued commitment to providing the highest levels of customer service.
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© Park Retail Ltd. ® All Rights Reserved. Park Retail Ltd is registered in England and Wales under number 402152. Our registered office is Valley Road, Birkenhead CH41 7ED. You should be aware that your account with Park is not a bank account or equivalent and that any pre-payments made to Park are not covered by the Financial Services Compensation Scheme.
Your pre-payments are, however, held in an independent trust designed to improve protection of pre-payments made by you and Agents in respect of orders. See full details of the trust here.
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*The weekly price shown is a guide only. The final week's payment may be different because of a rounding of the product price. The weekly price will be different depending on when you place your order. The price you need to pay is the total of the goods you have ordered.