RPC has picked up the lead advisory role on the collapse of one of the UK’s largest car park operators.
National Car Parks Limited (NCP), which manages approximately 340 car parks nationally and employs 682 people, has gone into administration, with PwC’s Zelf Hussain, Rachael Wilkinson and Toby Banfield appointed as joint administrators.
RPC is a regular adviser to Japanese-owned NCP and is now advising PwC as administrator. Nigel Collins, corporate partner and head of the Japan desk at the firm, is leading on the matter. Collins is ranked as a leading partner in the Legal 500 M&A: Lower Mid-Market Deals, £100m-£750m for London.
He is a long-term adviser to NCP and has been advising the group on its ongoing restructuring and previously went on secondment to its executive team in 2023.
NCP has been struggling with reduced demand since the COVID-19 pandemic.
PwC’s Hussain said: ‘NCP has faced a challenging trading environment over several years, with changing consumer behaviours impacting volumes, and a high fixed cost-base leading to trading losses.’
He continued: ‘Our priority on appointment is to ensure continuity of service while we undertake a detailed review of the business.’
All parking sites will remain open and staff in their posts as the administrators explore options for the company going forward.
In 2017, the company was sold by the Macquarie European Infrastructure Fund II to Park24, a listed Japanese strategic buyer.
Photo by Sean Nufer on Unsplash.
