Credit Union Cheque Query

I am holding a cheque for a grandchild whose Credit Union Account was closed recently when the CU stopped doing business and that CU is now trying to get a tieup with another CU which may or may not happen. The CU account holders were each sent a CU cheque for the amount held in their account at the date of closure. A cheque issued to my address for my grandchild (in his name of course)for the full account. So far so good and no problem there. Now, his parents do not want our grandchild to have access to this money at this stage and would favour having it placed in a holding account of some kind. He lives in England with his parents and they are not in favour of opening an English bank a/c for him at the present time either because that cannot be done without bringing him into the picture and that's a No/No at this stage.

The parents cannot lodge the cheque to their own account because it is made out to their son and he is unaware of the cash's existence. He will not become aware of this money for another couple of years when he will come into the full ownership of it courtesy of us.....his grandparents.

It involves a four figure sum in the midrange. Part of the intrigue surrounding the cashing of the cheque relates to the fact that the cheque is from an EU country (Ireland) and this complicates any intention to cash the cheque in a sterling area (U.K.). Covit has a bearing on this too because of the restricted travel etc.

Hope the situation has been explained satifactorily.
We would be grateful for some words of wisdom as to our options.

Many tks
J&M D2.