National Car Parks (NCP), one of the UK’s largest parking operators, has entered administration following ongoing financial pressures, putting 682 jobs at risk.
The move was confirmed by parent company Park24, which said the decision was taken to protect creditors and preserve business value.
NCP, which operates car parks across the UK, has faced sustained challenges since the pandemic, including reduced usage levels, rising energy costs and high inflation.
Increasing rent obligations linked to inflation have further strained the company’s finances, while efforts to cut costs and boost revenue have failed to reverse losses.
