21 NCP car parks ‘to close tomorrow’ as company in administration – full list | City & Business | Finance
These 21 NCP town and city center car parks are closing tomorrow after the company ran into difficulties and went into administration. The 95-year-old company, one of the UK’s largest operators with approximately 340 car parks across the country, appointed managers to PricewaterhouseCoopers (PwC) and the jobs of 683 people were at risk.
The company stated that NCP’s financial performance was affected by the post-Covid decline in parking demand, especially in city center and suburban areas, which has not yet returned to historical levels. He attributed this in part to changes in commuting and consumer driving habits that have affected parking lot occupancy.
The company also admitted it was struggling with costs associated with long-term, rigid leases at loss-making sites. Part or all of NCP may be offered for sale as one of the options to secure its future.
Earlier this month PWC announced that 21 sites were deemed ‘unviable’ and would be closed. PwC’s Zelf Hussain, Rachael Wilkinson and Toby Banfield have been appointed Joint Administrators of National Car Parks Limited.
They said in a statement: “Following an initial assessment of operations, joint managers have identified 21 sites that are not commercially viable and will therefore be closed to customers from 23:59 on 27 March.”
“Unfortunately, due to the closure of these sites, 31 employees will be laid off on 31 March. They will be supported through the statutory redundancy payments process. The other 318 car parks will remain open and no further sites have been identified for closure at this time.”
The NCP car parks listed below will be closed from 23:59 on 27 March.
- Ashford Town Square, Kent
- Ashton-un-Lyne Cotton Street, Manchester
- Banbury Marlborough Road, Oxfordshire
- Bexley Royal Oak Road, Greater London (Borough of Bexley)
- Birmingham Gough Street, West Midlands
- Bournemouth Hinton Rd, Dorset
- Bristol Nelson Street, Bristol
- Bromley Travelodge, Greater London (Borough of Bromley)
- Cardiff Dumfries Place, South Glamorgan
- Eastbourne Trinity Place, East Sussex
- Exeter Market Street, Devon
- Grantham Station, Lincolnshire
- Hinckley Britannia Shopping Centre, Leicestershire
- Ipswich Portman Road, Suffolk
- Leicester Abbey Street, Leicestershire
- Leicester East Street, Leicestershire
- Leicester Lee Circle, Leicestershire
- Leicester Rutland Centre, Leicestershire
- London Kings Cross St Pancras, Greater London (Borough of Camden)
- London Knightsbridge, Greater London (Borough of Westminster)
- Luton Regent Street, Bedfordshire
All other locations will continue to operate normally and staff will maintain their positions while managers evaluate business options. Administrators have confirmed that they will assess the viability of each location, resulting in some sites potentially having to be closed.
Zelf Hussain, joint director and partner at PwC, said: “NCP has faced a challenging trading environment for several years, where changing consumer behavior has impacted volumes and a high fixed cost base has led to trading losses.
“Our priority when making an appointment is to ensure continuity of service while conducting a detailed review of the job.
“We will engage 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.”
NCP was founded in London in 1931 and is owned by the Japanese company Park24. It operates around 340 car parks across the UK, including in major towns and city centres, airports, hospitals and railway stations.
Fees vary at each location, but some sites in central London can cost up to £60 for 24 hours of parking.
