National Car Parks (NCP), one of the UK’s biggest parking operators, has plunged into administration, jeopardising 682 jobs. The firm blames a sharp drop in demand since the pandemic and costly lease deals for its financial woes.
Falling Footfall and Costly Leases Sink NCP
Demand for parking hasn’t bounced back to pre-pandemic levels, NCP revealed. Changes in commuting habits and driving patterns have seriously hurt revenues. The company has been bleeding cash for a while, struggling especially with “long-term, inflexible” leases at loss-making sites.
A recent report showed NCP’s liabilities outweigh assets by a whopping £305 million as of September last year.
Administrators Step In, Business Still Running
PricewaterhouseCoopers (PwC) is now running the show and on the hunt for a buyer. They confirmed all NCP sites remain open, staff are still working, and business is carrying on as usual.
“All sites are open, staff remain in post and trading continues as normal,” said PwC. “We will be engaging with landlords, employees and other stakeholders as we explore all options.”
Zelf Hussain, joint administrator, stressed their priority:
“Our priority on appointment is to ensure continuity of service while we undertake a detailed review of the business.”
What’s at Stake?
- NCP manages around 340 car parks across the UK
- Sites include airports, hospitals, and major transport hubs
- Inflexible leases restrict cost-cutting and closures of money-losing locations
The future of many jobs and UK car parks remains uncertain as PwC work to find a way forward.
