Derry Firm Acquires NCP Car Parks in Major UK Deal
The Martin Group has become one of the UK's largest car park operators following its administration purchase of National Car Parks (NCP).
The Martin Group, based in Derry, has significantly expanded its footprint in the UK's car parking sector by acquiring National Car Parks (NCP) out of administration. The deal, overseen by administrators PwC, involves the transfer of the majority of NCP's 145 sites and its staff to the Martin Group.
Zelf Hussain, joint administrator and partner at PwC, stated that the acquisition secures hundreds of jobs and represents the most favorable outcome for NCP's creditors. Hussain also noted that keeping NCP's car parks operational will aid in maintaining the flow of activity in Britain's town and city centers. He expressed gratitude to NCP's staff and directors for their professionalism during a period of uncertainty.
NCP faced significant financial challenges, largely due to long-term lease agreements with property owners and accumulated debt. The Martin Group already possesses a considerable commercial property portfolio throughout the UK, which includes notable assets such as the Fishergate Shopping Centre in Preston and the Mercury Shopping Centre in Romford. In recent times, the group has also broadened its hotel business, developing The Bedford Hotel in Belfast and acquiring The Waterfoot in Derry.