UK’s biggest car park giant on edge of collapse with hundreds of jobs at risk

THE UK’s biggest private car park operator which runs some 300 car parks nationwide is on the brink of collapse.

NCP, which runs more than 300 car parks through a mix of leased sites and ones it manages for others and employs around 700 people, filed a Notice of Intention to Appoint Administrators (NOI) for its UK business on Monday morning – basically a sign the company is in serious financial trouble, or expects to be soon.

According to reports, PricewaterhouseCoopers is lined up to handle the potential insolvency process, with the reasons for the financial distress not yet clear at this time.

NCP has been owned since 2017 by Japan’s Park24, alongside the Development Bank of Japan, after being sold by Macquarie European Infrastructure Fund.

Park24 is a major global parking operator, running more than 19,000 sites across eight countries.

More to follow…

GEARING UP

Budget brand to launch biggest-ever SUV as cut price Land Rover Discovery rival

CRASHED OUT

Beloved classic car firm behind 200mph Aston Martin enters liquidation