Further High Street Adoption of flexecash

RNS number: 6262W
Park Group PLC
23 November 2010
NEWS RELEASE Further High Street Adoption of flexecash

Park Group plc
("Park")
Further Highstreet Adoption of flexecash®

Park, the UK's leading multi-redemption voucher business, announced in March 2010 that it had received authorisation from the UK Financial Services Authority to operate its new prepaid card product, flexecash®.

The flexecash® scheme was launched in June and by the end of  September had secured 51 corporate customers including a government-funded charity The Family Fund, AXA Insurance Services, Lloyds TSB, Michelin, Standard Life and VW Commercial Vehicles.  Sales have accelerated since October and over 100 corporate clients now use one of the flexecash® products, which include Love2shop, Love2choose and Love2travel.

Market penetration has also been rapid among highstreet retailers and flexecash® is now accepted by 22 retail brands with some 9,000 outlets across the UK; up from 13 at the time of launching.  The flexecash® retailer base now includes household names including Argos, Babies R Us, Boots, Comet, Debenhams, Early Learning Centre, Ernest Jones, Halfords, HMV, H Samuels, Iceland, Leslie Davis, Matalan, Mothercare, New Look, River Island, Peacocks, The Original Factory Shop, TJ Hughes, Toys R Us and Wilkinson.

The versatility of flexecash® means that customers can choose from a wide range of options. Corporate users can select whether to send out the gift cards live (with value already loaded); inactive (simply requiring activation); or with no value assigned (requiring value to be subsequently loaded).  This makes flexecash® pre paid cards ideal for all types of customer and staff reward schemes, including those which may require on-going regular value loading.

Chris Houghton, Park's Group Managing Director commented:  "We are delighted with the way flexecash® is being received.  Interest and uptake has exceeded expectation.  The early indications are very encouraging and justify the substantial development cost and meticulous planning and preparation for this innovative product."

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