NCP Car Parks beg landlords to restructure rents to stave off collapse

NCP Car Parks beg landlords to restructure rents to stave off collapse

The Covid-19 crisis has seen fewer people commuting to work, shopping and going out at night in cities and towns across the country. It’s led to a drop in demand for car parking spaces and a subsequent drop in income for NCP Car Parks.

With 1,000 employees the UK firm is close to administration prompting a desperate bid to ask some of its landlords for a cut in rents.

Bloomberg’s Alice Gledhill reported on May 1st: “The company failed to reach a consensual deal with property owners, but received “significant support” and estimates that at least 85% of its A1 landlords will back the proposal, according to a company statement. The first hearing on the restructuring plan --a U.K. court process introduced last year and available to struggling firms looking to reduce their liabilities even without support from a majority of creditors-- is due on May 28.”

Ian Carrotte of ICSM said the firm’s main shareholder Park24 has threatened to pull its support for NCP if a deal with the landlords draws a blank. He said: “That could trigger administration meaning any suppliers could be left out of pocket. And if NCP is in trouble due to the drop in parking required during the pandemic then you can bet other car park groups are also struggling. The advice is if one of these companies contacts you out of the blue and puts in a big order then check them first with ICSM as you could be supplying a company about to go bust – and you won’t get paid.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel - while at the moment there's a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach - ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk


Tel 0844 854 1850 ___ Fax 01454 327 355
Privacy Policy   © ICSM All Rights Reserved