One of the UK’s biggest car park operators, National Car Parks (NCP) has entered administration, putting more than 650 jobs at risk.
The administrator, PwC, said NCP was losing money, could no longer afford to pay creditors and was unable to withdraw from “inflexible” leases on loss-making sites.
Demand for parking had not recovered to pre-Covid levels, as a result of changes to commuting and customer driving patterns.
PwC says it is looking to sell the business in an effort to recoup monies owed. It added: “All sites are open, staff remain in post, and trading continues as normal.
NCP is responsible for 340 car parks across the country. 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.
Further information:
https://www.fleetnews.co.uk/news/ncp-enters-administration-due-to-parking-demand-decline