Martin Property Group has acquired the business and assets of National Car Parks (NCP) from its joint administrators, PwC UK.
The privately owned property group will take control of the NCP brand and the majority of its 145 UK car parks through NCP UK Trade Co.
NCP, which was founded in 1931 and employs 276 people, entered administration earlier this year.
Martin Property Group has experience in the ownership and operation of car parks across the UK and Ireland, including standalone assets and facilities forming part of retail and mixed-use schemes.
“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,” said Gary Martin, director of Martin Property Group.
NCP chief executive Rob England 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.
“Our immediate priority is to restore full operational momentum and build a sustainable platform for long-term growth.”
Joint administrators from PwC UK will continue to work with Martin Property Group over the coming months to ensure the smooth transition of operations. During the administration period, PwC continued to trade the business while exploring opportunities for a sale.
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.”
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