Park Group to launch range of pre-paid cards

16 March 2010

Park Group plc

("Park" or "the Group")

Park Group to Launch Range of Pre-Paid Cards

Park Group plc (AIM: PKG.L) is pleased to announce that it is preparing to launch a range of pre-paid cards in the UK. The cards, to be known as Flexecash, will be redeemable in many of the UK's largest retailers including Argos, BHS, Comet, Debenhams, HMV, Matalan and New Look. These retailers and many others currently accept Park's market leading multi-redemption paper gift voucher, Love2shop, and Flexecash will complement and extend that offering. 

Flexecash cards will be supplied by Park's wholly owned subsidiary, Park Card Services Limited, an authorised E-money issuer regulated by the Financial Services Authority. 

Park has developed "best in class" systems infrastructure to support the operation of Flexecash. This innovative and unique system will allow Park Card Services to expand its card offering and create bespoke schemes to suit the requirements of its diverse range of customers.

Chris Houghton, Group Managing Director of Park Group, said: "Flexecash represents Park's entry into the fast growing pre-paid card market and is the culmination of many months of preparatory work; it is a very exciting development for us. Not only will Flexecash improve our customers' shopping experience by providing greater flexibility and convenience, it also has the potential to open up a number of important new market opportunities for the Group".

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Notes to Editors

Park Group Overview

Park Group was established in 1967 and grew through the simple but effective idea of saving a fixed amount each week over an agreed period of time in order to spread the cost of Christmas. 

The Company has developed significantly and now has two primary business segments - Corporate vouchers and Christmas savings.

About Corporate Vouchers:

In the corporate gift voucher market Park sells its own brand vouchers marketed under the Love2reward brand (www.love2reward.co.uk), as well as individual store vouchers to corporate customers who use them for incentive schemes and for sale to consumers.

In support of its core businesses Park is building its online capabilities dealing direct with customers. This low cost online service offers customers a 24 hour opportunity to browse its product range, place orders and make payments.

As discussed in the above statement, Park has now also entered into the pre-paid card market, where customers can choose purchase items using a pre-paid card.

About Christmas Savings:

The Park budget plan helps families prepare and budget for Christmas in a controlled and careful manner ensuring that they can enjoy the festive season free from financial worries. Customers purchase vouchers, hampers or other gift products on a 45 week prepaid instalment plan from Park. Products are delivered in time for Christmas.

For further information about Park Group please visit www.parkgroup.co.uk