Car park firm NCP collapses with nearly 700 jobs at risk
📖 Full Retelling
The car park operator says demand for parking has not recovered to pre-Covid levels, as its administrators look to sell the business.
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Car park firm NCP collapses with nearly 700 jobs at risk Just now Share Save Mitchell Labiak Business reporter Share Save National Car Parks has gone into administration, putting 682 jobs at risk. The car park operator said demand for parking had not recovered to pre-Covid levels, pointing to "shifts in commuting and customer driving patterns". After consistently losing cash, it could no longer afford to pay its creditors and was unable to scrap "long-term, inflexible" leases on loss-making sites. Its administrators, PwC, are looking to sell the business as the "best outcome" for those NCP owes money to. "All sites are open, staff remain in post, and trading continues as normal," PwC added. "We will be engaging with landlords, employees, and other stakeholders as we explore all options," PwC said. NCP is one of the biggest car park operators in the UK, running 340 car parks across the country, including in airports, hospitals and transport hubs. The firm's debts were £305m greater than the value of its assets, as of 30 September last year, according to a filing from its parent company . PwC said NCP had a "high concentration" of inflexible leases that prevented it from reducing costs or scrapping unprofitable car parks. Zelf Hussain, joint administrator and PwC partner, said the company had faced "a challenging trading environment" in recent years. "Our priority on appointment is to ensure continuity of service while we undertake a detailed review of the business." BBC News has contacted the British Parking Association, which represents car park operators, for comment. Companies Parking
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