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The UK arm of car park operator National Car Parks has put hundreds of jobs at risk after filing a notice of intention to appoint administrators.
The filing, made on Monday (March 16), gives the business a short period of protection from creditors while advisers assess potential restructuring or sale options.
The company operates more than 300 car parks across the UK through a mix of leasehold and managed sites and is thought to employ around 700 people.
Professional services firm PwC is understood to have been lined up to oversee the potential administration process.
The UK operation forms part of a wider group owned by Japan’s Park24, which acquired the business in 2017.
A notice of intention to appoint administrators typically provides companies with around 10 business days of protection from creditor action while options are explored, which can include refinancing, a business sale or a formal insolvency process.
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