Car park operator NCP falls into administration as post-Covid commuting stalls
The company, which is one of the UK’s biggest operators with around 340 car parks nationwide, appointed administrators at PwC.
Car park operator NCP has fallen into administration, putting 682 jobs at risk, after struggling to fill spaces since Covid-19 and grappling with losses.
The 95-year-old company, which is one of the UK’s biggest operators with around 340 car parks nationwide, appointed administrators at PwC.
All sites will remain open as usual and staff will stay in their jobs while administrators consider the options for the business.
NCP’s financial performance has been hit by a post-Covid dip in demand for parking which has not yet recovered to historic levels, especially across city-centre and commuter locations, the firm said.
It blamed this partly on a change to commuting and consumer driving patterns which have impacted occupancy across its car parks.
The company also said it struggled with costs linked to long-term and inflexible leases on loss-making sites.
Some or all of NCP may be put up for sale as one of the options to secure its future.
Administrators said it will be assessing the viability of each location, and some sites may need to be closed as a result.
Zelf Hussain, joint administrator and partner for PwC, 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.”
NCP was founded in London in 1931 and is owned by Japanese firm Park24.
It operates about 340 car parks across the UK including in major towns and city centres, airports, hospitals, and train stations.
Prices differ at each site but some central London locations can cost up to £60 for 24 hours parking.
