National Car Parks administration deepens as PwC shuts further loss-making sites

National Car Parks Ltd, one of the UK’s largest private parking operators, is closing a further four sites this week as administrators continue efforts to stabilise the insolvent business and preserve value for creditors.

Zelf Hussain, Rachael Wilkinson and Toby Banfield of PwC, who were appointed joint administrators on 16 March, said the additional closures follow a review of trading performance and negotiations with landlords aimed at improving the viability of the remaining estate.

The four car parks which most recently ceased operations at the end of the day on 16 April are Belfast Dublin Road, Coventry Belgrade Plaza, Leicester St Nicholas Circle and Sheffield Blonk Street. Five employees have been made redundant.

The latest closures mark a further contraction of the company’s operating footprint after 20 sites were shuttered on 27 March, including locations in London, Birmingham, Bristol, Leicester and Luton.

Like many location-based operators, NCP has struggled to recover commuter demand following the pandemic-era move toward hybrid working. Lower weekday traffic has weighed particularly heavily on a business model built around high volumes and long-term fixed property commitments.

Administrators are also contending with a lease portfolio understood to include inflation-linked rent obligations and limited flexibility to exit underperforming sites. The latest round of closures suggests landlords remain central to the restructuring process. Where revised lease terms cannot be agreed, sites that continue to generate losses are likely to face closure in order to stem cash burn and support the remainder of the estate.

For now, all other NCP car parks remain open and trading while the administrators assess strategic options, including a potential sale of all or part of the business.

Read the administrators’ most recent press release here.