Why car park giant with hundreds of sites fell into administration

• NCP, one of the UK's largest car park operators, has entered administration, placing 682 jobs in jeopardy.
• PwC has been appointed as administrator, but all 340 NCP car parks will continue to operate as normal, with staff remaining employed.
• The company's financial struggles are attributed to a significant post-pandemic drop in demand for parking, which has failed to rebound to pre-Covid levels.
• Challenges include shifts in commuting and consumer driving patterns, alongside high costs associated with long-term, inflexible leases.
• Administrators are exploring all options for the company's future, including the potential sale of all or part of the business.

IN FULL

Major UK car park firm collapses into administration