INVESTORS are set to vote on a proposed rescue deal for four East Lancs based airport parking schemes which are in administration.

Insolvency experts have drawn up proposals for the Park First firms, which would use the £32million proceeds from the sale of car parking near Luton Airport.

Toby Whittaker, the ultimate shareholder for parent company Group First Global, has also pledged £1million, for the Glasgow and Gatwick airport related outfits, and income is still being generated from the parking spaces.

But creditors have called for a physical meeting, to decide on the next steps, which will take place in London on Tuesday.

The four entities - Park First Freeholds, Help Me Park Gatwick, Park First Glasgow and Park First Gatwick - have been in jeopardy since 2017 when the Financial Conduct Authority ruled they were not authorised to offer financial services.

Administrators Smith & Williamson have working to unpick their finances since their appointment in July.

The original offer to investors saw them pick up car parking spaces at airports for around £20,000 a time, with pledges of regular returns.

But when it transpired that the companies did not have the funds to cover their obligations, the FCA triggered the administration.

Investors had two options initially, with some clients offered a 'buyback' arrangement and Park First Glasgow and Gatwick affiliates told they could enter into lifelong leaseback deals.

Joint administrator Finbar O'Connell said: "Our strategy is to propose CVAs (company voluntary arrangements) for each of the four companies, providing that this results in a better return, as compared with alternative outcome strategies, to the companies’ creditors."

The Lancashire Telegraph has previously reported that a group of around 80 investors in Glasgow are looking to crowdfund legal actions against the owners.

Investors were given two options - those involved with Park First Freeholds and Help Me Park Gatwick were offered a 'buyback' arrangement, to return their cash.

Meanwhile those connected with Park First Glasgow and Park First Gatwick were told they could enter lifetime leaseback deals.

UPDATE 04/09/2019: The administrators have now received sufficient requests for a physical meeting of the four Companies. The administrators will be holding the meeting in London on 1 October 2019.

The administrators will send (on 6 September 2019) further details to creditors regarding the time and location of the meeting as well as what documentation you will need to provide.

As a physical meeting of the Companies has been requested by creditors, please note the following:

any voting forms submitted will now be superseded by this meeting

new proxy forms will be issued with regard to the business of this meeting

the deadline of 10 September 2019 is no longer relevant