Car Park giant NCP goes into administration putting 650 jobs at risk
NCP has gone into administration blaming the reduction in commuters since the Covid pandemic lockdowns.
The most famous name in car parks - NCP - has gone into administration, putting more than 650 jobs at risk. The firm, which has struggled to fill spaces since the Covid pandemic, has appointed PwC as administrators - though its sites currently remain open to drivers.
NCP has been around for 95 years and operates around 340 car parks across the UK. But the company’s fortunes have been hit in the aftermath of the Covid lockdowns, with city-centre and commuter spots hardest hit as finances struggled to reach pre-pandemic highs.
It blamed the struggles partly on a change to commuting and consumer driving patterns, which have impacted occupancy across its car parks, while it has also struggled with costs linked to long-term and inflexible leases on loss-making properties.
Today’s (March 16) move means 682 jobs were potentially at risk, though employees have been told sites are operating as normal while administrators consider the next steps, with some or all of NCP potential being put up for sale.
Administrators said they will be assessing the viability of each location operated by the firm, which was founded in 1931 and is owned by Japanese company Park24, 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.”
Car parks run by NCP are in towns and cities across the country, as well as at airports, hospitals, and train stations. Prices differ at each site but some central London locations can cost up to £60 for 24 hours parking.