NCP Hits the Skids: 682 Jobs on the Line as Parking Giant Goes Bust
Falling Footfall and Costly Leases Sink NCP
National Car Parks (NCP), one of the UK’s biggest parking firms, has plunged into administration, putting 682 jobs at risk. The culprit? A sharp plunge in demand since the pandemic and sky-high lease costs they just can’t shake off.
With fewer people commuting and driving, parking revenues have taken a nosedive. NCP has been haemorrhaging cash for months, stuck with “long-term, inflexible” leases on sites that just don’t pay their way.
It’s grim reading: a report shows NCP’s liabilities outweigh assets by a staggering £305 million as of last September.
Administrators Take Over But Business Rolls On
Accounting giants PricewaterhouseCoopers (PwC) have stepped in, taking control and hunting for a buyer. Good news for now — all NCP car parks remain open and staff are still on the clock.
“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.”
Joint administrator Zelf Hussain added, “Our priority on appointment is to ensure continuity of service while we undertake a detailed review of the business.”
What’s at Stake?
- NCP runs around 340 car parks nationwide
- Locations include airports, hospitals, and major transport hubs
- Rigid leases make closing loss-making sites tough
The future of hundreds of jobs and vital parking spots hangs in the balance as PwC scramble to save the sinking ship.
