NCP Car Parks sold for £550 million
Written by JDPGlobal | Sunday, 17 July 2005
In a deal worth £550 million, the investment firm 3i Group has bought the car park operator NCP. Along with its’ car parks, NCP also manages traffic enforcement such as car removal and clamping operations. NCP has also recently been providing services for councils across the United Kingdom, including collecting fines from London's congestion charge.
Industry experts believe this is a good buy for the 3i Group. 3i is now expected to strengthen the 580 NCP car parks throughout the United Kingdom, into fast growing sectors.
The NCP CEO, who is keeping his role, commented that the firm saw the benefits of expanding outside of its core car parking business. ‘We are now providing a much broader range of services to both individuals and private sector customers', he added.
Targeting drivers who park their cars illegally, councils have increased their efforts to enforce parking rules. Complaints from motorists that they are being illegally fined has influenced one council in London to ban clamping firms from its streets.
