Flexecash helps to transform Park Group
Park Group has successfully transformed from a Christmas hamper business to a shopping voucher and prepaid cash card business.
Growth of its popular Flexecash reward scheme helped the company increase profits by 23 per cent to £8.6 million in the year to the end of March 2012.
Flexecash cards are used by companies to reward staff, and are also used by consumers to save for Christmas.
The scheme has expanded rapidly over the two years since it was launched, and has overtaken Park Group’s original Christmas hampers business, with £56m being saved on the cards last year.
Park Group also doubled its corporate customer base to around 600, with major companies such as Sky and the Daily Mail using the scheme to reward their employees.
The pre-paid Flexecash cards can be used in around 40 retailers, including Iceland, Argos Jessops, Boots and Debenhams.
Park Group is expanding the scheme further with the launch of a system to send electronic vouchers over mobile phones and emails.
Meanwhile directors of Farepak, a former rival to Park Group, face being banned as company directors for up to 15 years.
Christmas hamper company Farepak collapsed in 2006, leaving more than 150,000 customers £400 out of pocket on average.
Seven directors of Farepak, and its parent company European Home Retail, have been accused of ‘unfit conduct’ after it was found that savers were paying around £1 million a week into the savings scheme immediately prior to the collapse of the company.
Fewer than 6,000 Farepak customers who paid money into their accounts after the company collapsed have been reimbursed.
The directors facing a ban include Sir Clive Thompson, chair of European Home Retail and director of Farepak when it collapsed, and
William Rollason, the former chief executive of European Home Retail.