National Car Parks is in administration – some big companies are so dependent on debt that they can’t adjust to change

By Erwei (David) Xiang, Senior Lecturer (Associate Professor) in Accounting, Newcastle University

When the UK’s biggest private car park company went into administration last month, some motorists might have been surprised. How could National Car Parks (NCP), a company that charged so much for parking, at so many prime sites across the country, run out of road?

Maybe it was down to a drop in commuters and high street shoppers after COVID? Or perhaps the firm suffered from too many long leases and the rise of new parking apps?

All of these reasons will have featured, but the deeper cause…

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