Park customers and agents earn a commission on their savings, which Houghton says means they make returns similar to those they might make from a bank account.

Park has long since dispatched its orders for this Christmas, and is preparing for next Christmas and the festive season in 2010.

After this year’s sales rise, Houghton is confident more growth will follow.

“Christmas, 2009, orders are coming along well – above the same time last year,” he said. “That’s encouraging for us.”

Houghton was born in Northamptonshire but grew up in Wirral, where he still lives.

After training as an accountant, he worked at some of the biggest names in local business – Lever Brothers, Littlewoods Pools and Littlewoods Stores – and at Boots in Nottingham.

He joined Park in 1986, rising through the ranks before becoming finance director in 1986 and managing director in 2004.

Houghton, a member of the CBI’s regional council, is proud that the business remains free of bank debt thanks to its strong cash stockpile. In the last half-year, its cash balance peaked at £124m – up from £95.8m in 2007.

It also earns money on those balances – in the half-year, its interest income rose 41% to £1.8m, though that growth will slow as lower rates take effect.

“The strength of this business is that the cash position is strong,” said Houghton.

“The business has got no bank borrowing, so we’re not exposed to the credit crunch as such.

“I wouldn’t like to be struggling to get debt funding from the bank at the moment.”

As the banking crisis means credit is becoming harder to obtain, and disposable incomes are shrinking, Houghton believes that Park’s simple savings technique could help it win more new converts.

He said: “In the current climate, it makes sense for everybody to be a bit prudent and save for Christmas and avoid having to ask for credit which may not be available.

“We believe there are around 16m homes in our demographic. Not everyone will want to put cash away for Christmas, but there is scope there.

“The internet makes it easier for people to deal with us and spreads our geographical reach.”

HOUGHTON describes Park’s plans as “disciplined savings plans”, which allow people to ringfence their savings.

“You don’t get cash, you get vouchers, which you spend on what you got them for,” he said.

“If it’s cash, I know I spend it without thinking. With vouchers, you don’t.

“It makes sense to plan. It’s painless. You don’t miss a few pounds every week, but when you get to Christmas it’s £374.”

Park also sells vouchers to corporate clients for use in incentive schemes. The company is now targeting 700,000 small and medium enterprises to try to broaden its customer base.

Park is also developing its online presence, with ventures including online magazine myparkmag helping it recruit more customers.

In the half-year to September, online voucher sales rose 117% to £1.3m – a rise from a small base, but one Houghton says shows how much potential growth there is on the web.