NCP set to permanently close 20 sites after crashing into administration
Car park operator NCP will permanently close around 20 of its sites after it filed for administration earlier this month. Britain's biggest car park firm told landlords and employees that administrators had found that the sites were 'no longer commercially viable to operate,' according to Sky News. The company employs 682 people and manages approximately 340 car parks nationwide, including in major towns and city centres, airports, hospitals and transport hubs.A source told Sky that the closure of 20 sites is expected to result in a 'small' number of job losses. Car park firm NCP will reportedly close around 20 firms after it appointed administratorsAfter filing for administration, the firm said it had not recovered from business lost in the Covid pandemic amid the rise in flexible working.A statement issued on behalf of NCP said had 'insufficient cash available to meet its financial obligations and the directors have therefore taken the decision to appoint administrators.'Joint administrators PwC said it would 'engage with landlords' and a sale of 'all or part of the business' is being considered, along with site closures. NCP, which charges up to £33 for 24 hours parking in Manchester and £60 at sites in central London, has been frequently criticised for levying extortionate fines. This is a developing storyAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you
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NCP set to permanently close 20 sites after crashing into administration
