UK’s largest automotive park agency NCP on brink of administration with 700 jobs in danger
NCP, which operates around 300 car parks across the UK, has filed a Notice of Intention to Appoint Administrators for its UK business, putting 700 jobs at risk
NCP is at risk of heading into administration (file) (Image: salarko via Getty Images)
The UK’s largest car park operator is on the brink of collapse, putting hundreds of jobs in jeopardy. NCP, which manages around 300 car parks across the country, is facing potential insolvency.
The car park firm, employing approximately 700 individuals, submitted a Notice of Intention to Appoint Administrators for its UK operations on Monday (March 16). Reports suggest that NCP is grappling with severe financial difficulties.
The company has lodged documents that could signal the initial move towards entering administration. PricewaterhouseCoopers is poised to oversee the possible insolvency proceedings.
Since August 2017, NCP has been under the ownership of Park24, a publicly traded Japanese corporation. Before this, NCP was successfully operated by Macquarie European Infrastructure Fund 2 for a decade.
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Park24, headquartered in Tokyo and holding majority ownership, is a significant parking operator boasting an astonishing 1,043,570 spaces across more than 19,000 locations, spanning 8 countries, reports Birmingham Live.
DBJ, a co-investor alongside Park24 and a Japanese government-owned financial institution, is a savvy private equity investor with a solid track record in infrastructure finance.
NCP claims it possesses a “huge estate throughout the entirety of the UK, which allows our customers a fantastic amount of choice when it comes to finding their parking solution.
“We currently have over 200,000 parking spaces in over 800 sites,” the car park operator states on its website.
The company states: “Our colleagues are professional and helpful. They really care about delivering great customer service. Customer care is at the forefront of what we do, reflected with our 24/7 Customer Contact Centre.
“The NCP App allows customers a seamless journey from start to finish. The NCP App combines your daily parking along with Season Ticket access in one convenient place.
“We offer a wide range of Season Tickets, this includes Flexible Business Parking, Corporate Season Tickets and 3-Day Season Tickets.”
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