NCP, a long-standing company in the car park industry with a history dating back to 1931, faces the possibility of shutting down numerous car parks as it enters administration after nearly a century of operation. The firm has appointed PricewaterhouseCoopers (PwC) to oversee the potential insolvency process. PwC aims to stabilize the business while exploring future options, which may include a sale. Currently, all car parks remain operational with employees retaining their positions.
Zelf Hussain, a PwC partner serving as a joint administrator, highlighted the challenging trading environment NCP has encountered over recent years, attributing it to evolving consumer behaviors affecting business volumes and high fixed costs leading to financial losses. PwC plans to engage with various stakeholders, such as landlords and employees, to evaluate different scenarios, including a potential sale, to achieve the best outcome for creditors.
Despite NCP’s efforts to address declining demand, Park24 noted that the company continued to experience “structural losses.” NCP pursued new car park projects to drive revenue growth and implemented cost-saving measures like workforce restructuring.
The potential closure of NCP’s car parks could impact various locations across the UK, including Belfast, Kent, Scarborough, Wakefield, Wolverhampton, Hove, Worthing, Coventry, Cardiff, Newport, Swansea, London, Brighton, Worcester, Stoke on Trent, Stockport, Crawley, Wimborne, Bournemouth, Leamington Spa, Bristol, Lewes, Eastbourne, Epsom, Bromley, Manchester, Leicester, Preston, Blackpool, Lancaster, Birmingham, Newcastle, Derby, Huddersfield, Liverpool, Middlesbrough, Durham, Leeds, York, Sheffield, Bradford, Bolton, Sunderland, Salford, Leeds, Doncaster, Portsmouth, Southampton, Edinburgh, Glasgow, Dundee, and Aberdeen.
