Martin Property Group buys NCP out of administration
As part of the multi-million-pound deal, the developer and investor has acquired 16 North West car parks, which will continue to operate under the NCP brand.
The North West NCP assets include three in Liverpool, two in Southport, three in Bolton, five in Manchester, one in Stockport, and two in Salford. They are among the 93 picked up by Martin Property Group as part of the acquisition.
These 93 car parks represent a majority of those under the 145-car-park NCP portfolio.
NCP had entered administration earlier this year after more than 90 years of trading. PwC is the administrator for the company. The sale price of the NCP brand and 93 car parks was not disclosed.
Martin Property Group has a broad portfolio, with assets that range from car parks to hotels to shopping centres to residences.
NCP chief executive Rob England hailed the announcement of the sale to Martin Property Group as a “fantastic day” for NCP.
“Martin Property Group possesses the exact commercial expertise and strategic drive needed to steer our business out of recent challenges and into an exciting new chapter,” he said.
“The administration period has been a testing time for everyone at NCP. We have had to make difficult, necessary decisions to keep the business moving forward, and we are immensely grateful to our employees, loyal customers, and suppliers for their patience. Our immediate priority is to restore full operational momentum and build a sustainable platform for long-term growth.”
Regarding its acquisition, Martin Property Group director Gary Martin said: “Despite its difficulties post-pandemic, NCP is an iconic brand with a loyal customer base and talented workforce, and we look forward to working with NCP’s team to modernise operations and invest in the long-term infrastructure of the business.
“Our goal is to use our experience as both an established car park operator and real estate landlord to build on the strength and heritage of the NCP brand so it can once again deliver the lasting impact on the communities it serves.”
You can see the full list of acquired car parks in North West below.
- Bolton St Edmund Street
- Bolton St Helena Road
- Bolton Upper Bark St
- Liverpool Primrose Hill
- Liverpool Smithfield St
- Liverpool Tithebarn Street
- Manchester Central
- Manchester Chester Street
- Manchester Oxford Street
- Manchester Piccadilly Plaza
- Manchester Store Street
- Salford New Bailey Manchester
- Salford Stanley Street Manchester
- Southport London Street
- Southport Promenade
- Stockport Exchange Station
