Efforts to mitigate issues through expanding into new sites and cutting costs did not restore financial health.

Park24 reports ongoing structural losses despite revenue growth and cost-cutting, including workforce restructuring and new developments.

NCP’s 95-year history includes iconic London sites, building a brand synonymous with major city-centre car parks.

PricewaterhouseCoopers is handling the NOI process, signaling formal steps toward administration or rescue options.

The administrators will work with landlords, employees and other stakeholders to secure the best outcome for creditors, given the high fixed costs and ongoing trading losses.

NCP is owned by Park24 since 2017 after being sold by Macquarie European Infrastructure Fund; accounts show substantial pre-tax losses for 2023 and the prior year.

NCP, founded in 1931 and owned by Park24, runs about 340 car parks nationwide, including in city centres, airports, hospitals and stations, with central London sites charging top rates.

Demand for parking has slumped since the Covid-19 pandemic, especially in city-centre and commuter locations, and long-term leases have left NCP with a high fixed cost base contributing to financial difficulties.

As the UK’s largest car park operator, NCP has entered administration, putting nearly 700 jobs at risk.

Administrators say all sites remain open as they review options, including a potential sale of all or part of the business, while staff stay in post.

The company employed around 682 people and carries debts reported by Park24 that total hundreds of millions.

Under current ownership, NCP has pursued digital innovations like the NCP app and ANPR technology to improve the driver experience.