National Car Parks (NCP), one of the UK's largest car park operators, has entered administration with £305m in debt, casting doubt on the future of 340 sites and 682 employees. The company, founded in 1931 and owned by Japan's Park24, filed for administration at the High Court in London after struggling to pay rents and secure further funding.
Administrators from PwC blamed the collapse on shifts in commuting and driving patterns since the pandemic, including the rise of working from home, as well as long-term inflexible leases that prevented cost reductions. NCP's Japanese owner noted that rents were linked to inflation, which soared after Russia's invasion of Ukraine in 2022, exacerbating losses despite job cuts and new developments.
NCP's history includes growth from London's post-war bomb sites and multiple owners, including US conglomerate Cendant and private equity groups. Park24 and the Development Bank of Japan acquired it for £450m in 2017 from Macquarie, which had loaded it with debt. A 2012 restructuring wiped out £500m of debt, but the company remained vulnerable.
Park24 plans to restructure its remaining UK business via subsidiary T24 UK, which holds 100 smaller car parks with shorter leases. It expects continued losses for several years. NCP's active contracts include those with the NHS and Home Office, from which it has earned £47m since 2012. All car parks remain open for now while administrators seek a sale.
