Martin Property Group acquires National Car Parks out of administration
Martin Property Group has acquired the business and assets of National Car Parks Limited (NCP) from its joint administrators PwC UK.
The group will hold the NCP brand, along with the majority of NCP car parks under NCP UK Trade Co Limited.
Founded in 1931, NCP operates 145 car parks across the UK. The business entered administration earlier this year, however Martin Property Group said this deal helps safeguard one of the UK’s largest parking operators.
Martin Property Group is a privately owned family business with a history spanning over 50 years and has significant experience across property investment, operational real estate, and the acquisition and management of substantial leasehold portfolios.
Alongside investing and developing residential and commercial real estate, Martin Property Group operates a range of businesses, including hotels, shopping centres, food, manufacturing, technology, and has recently expanded its operations into continental Europe.
Martin Property Group also has considerable experience in the ownership and operation of car parking assets across the UK and Ireland, both as standalone investments and as integral parts of larger retail and mixed-use properties.
Gary Martin, director of Martin Property Group, said: “Despite its difficulties post-pandemic, NCP is an iconic brand with a loyal customer base and talented workforce, and we look forward to working with NCP’s team to modernise operations and invest in the long-term infrastructure of the business. Our goal is to use our experience as both an established car park operator and real estate landlord to build on the strength and heritage of the NCP brand so it can once again deliver the lasting impact on the communities it serves.”
Rob England, CEO of NCP, added: “This is a fantastic day for NCP. Martin Property Group possesses the exact commercial expertise and strategic drive needed to steer our business out of recent challenges and into an exciting new chapter. The administration period has been a testing time for everyone at NCP. We have had to make difficult, necessary decisions to keep the business moving forward, and we are immensely grateful to our employees, loyal customers, and suppliers for their patience. Our immediate priority is to restore full operational momentum and build a sustainable platform for long-term growth.”
Zelf Hussain, joint administrator and partner at PwC UK, said: “After over six months in administration, we’re pleased to have completed the sale of NCP, securing the future of one of the UK’s best-known car park operators, protecting hundreds of jobs and delivering the best outcome for creditors.
“Keeping NCP’s car parks open also helps keep Britain’s town and city centres moving. They provide important access for customers and help support the shops, restaurants, hospitality venues and other local businesses that rely on people being able to reach them.
“We would like to thank all of NCP’s staff and directors for their support and professionalism throughout what has understandably been a period of uncertainty.”