“We will be engaging with landlords, employees, and other stakeholders as we explore all options.”
NCP was founded in 1931 and is one of the biggest car park operators in the UK. It runs 340 car parks across the country, including in airports, hospitals and train stations.
The firm’s debts were £305m greater than the value of its assets, as of 30 September last year, according to a filing from its parent company, external.
Among the options to secure NCP’s future is to sell some or all of the company.
PwC said NCP had a “high concentration” of inflexible leases that prevented it from reducing costs or scrapping unprofitable car parks.
Zelf Hussain, joint administrator and PwC partner, said the company had faced “a challenging trading environment” in recent years.
“Our priority on appointment is to ensure continuity of service while we undertake a detailed review of the business.”