National Car Parks (NCP), one of the UK's largest car park operators, has entered administration, putting nearly 700 jobs at risk. Administrator PwC confirmed the company, which expanded significantly in the 1960s by converting London bomb sites, will continue trading while exploring options. NCP's performance has deteriorated over years, with demand for parking failing to recover to pre-pandemic levels, particularly in city centers and commuter areas.

Continued shifts in commuting and customer driving patterns, combined with long-term, inflexible leases, have severely impacted occupancy. NCP reported £186.6 million in revenue for 2023 but suffered an operating loss of approximately £9.8 million, up from £8.4 million in 2022. £186.6mn revenue and £9.8mn loss figures underscore the financial strain. The company, founded in 1931, grew rapidly after merging with Central Car Parks in 1959, leveraging the opportunity presented by post-war bomb sites.

It was sold to US firm Cendant for £800 million nearly four decades ago, changing hands multiple times since, most recently to Japan's Park24 in 2017.