One of the UK’s largest car park operators, NCP, has officially entered administration.
Global accountancy firm, PwC, have been appointed as joint administrators of NCP. The announcement puts over 600 jobs at risk.
National Car Parks (NCP) has been in business since 1931 and operates more than 340 sites nationwide in major towns and cities – as well as at airports and other transport hubs.
Its car parks will remain open for the time being, while an assessment takes place by the joint administrators.
In recent years, NCP has been hit with negative reporting over its fines for drivers – and it has also been impacted by the Covid-19 pandemic and resulting demand in parking at their sites ever since.
A statement from PwC read: “Demand for parking has not recovered to historic levels, particularly across city-centre and commuter locations.
“Continued shifts in commuting and customer driving patterns have impacted site occupancy, while the high concentration of long-term, inflexible leases has meant the company has been unable to reduce costs in line with revenue or to exit loss-making sites, resulting in ongoing trading losses.”
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Zelf Hussain, Joint Administrator and PwC partner, said: “NCP has faced a challenging trading environment over several years, with changing consumer behaviours impacting volumes, and a high fixed cost-base leading to trading losses.
“Our priority on appointment is to ensure continuity of service while we undertake a detailed review of the business.
“All sites are open, staff remain in post, and trading continues as normal.
“We will be engaging with landlords, employees and other stakeholders as we explore all options, including the potential sale of all or part of the business, to secure the best possible outcome for creditors.”
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