NCP collapsed: 340 car parks on long leases and £305M more debt than assets

The BBC reported on 21 March 2026 that National Car Parks, one of the UK's biggest car park operators, had collapsed into administration that week, leaving almost 700 jobs at risk. It ran 340 car parks, including airports, train stations, hospitals and town centres, and charged as much as £65 for a day's parking in some central London sites, so its failure to turn a profit baffled many.

Commentators cited by the BBC pointed to lower commuter and high-street demand from flexible working and online shopping, and to parking apps that let drivers rent driveways and spare spaces. The AA's president said NCP 'didn't keep up with the changing world of more flexible and app-based local parking'. NCP's Japanese parent Park24 said higher energy prices from 2022 and persistently high inflation, which pushed up inflation-linked rents, added to its costs.

The structural problem was the estate. Administrators PwC said NCP had a 'high concentration' of inflexible, long-term leases that stopped it cutting costs or dropping unprofitable sites. Its debts were £305M more than its assets as of 30 September 2025, per a filing from its parent, and the interest still had to be paid regardless of trading.

Almost 700 jobs at risk; debts exceeded assets by £305M at 30 September 2025, per a Park24 filing cited by the BBC.

A high concentration of inflexible, long-term leases stopped NCP reducing costs or scrapping unprofitable sites, according to administrators PwC.

Debt exceeded assets by £305M, so interest and rent had to be paid however few cars parked.

It did not keep up with app-based, flexible parking that drew drivers away, per the AA.

Commuter demand fell after Covid-19 while utilities, maintenance and staffing costs stayed the same or rose.

A large estate on long, fixed leases is a liability when demand shifts; fixed costs and debt leave no room to close sites or cut price.

PwC said it was working to keep the car parks open while it assessed the business, though some may close. Insolvency lawyers quoted by the BBC said administrators would look at redundancies, renegotiating leases with landlords, and selling the company or some sites; struggling town-centre sites may attract residential developers.