NCP (in admin)

Zelf Hussain, Rachael Wilkinson and Mark (Toby) Banfield of PwC have been appointed as Joint Administrators of National Car Parks Limited (”NCP”) and NCP Empire No.2 Limited (“Empire 2”).

Zelf Hussain, Timothy Higgins and Mark (Toby) Banfield, have been appointed as Joint Administrators of MEIF II CP Holdings 3 Limited (“MEIF 3”) - together (“the Companies”).

The appointments were made on 16 March 2026.

NCP is one of the UK’s largest car park operators, employing around 681 people and managing 340 car parks nationwide, including in major towns and city centres, airports, hospitals and transport hubs.

The Joint Administrators continue to trade the NCP business, however, following the closure of a number of commercially unviable sites on 27 March and 16 April, it has not been possible to reach agreements to enable the continued operation of a further five loss-making sites, and as a result these sites will be closed from 23:59 on 30 April. Please refer to the site closure list and site closure FAQs sections for further details.

NCP’s performance has deteriorated over a number of years post COVID-19 as demand for parking has not recovered to historic levels, particularly across city-centre and commuter locations. Continued shifts in commuting and customer driving patterns have impacted site occupancy, while the high concentration of long-term, inflexible leases has meant NCP has been unable to reduce costs in line with revenue or to exit loss-making sites, resulting in ongoing trading losses. NCP now has insufficient cash available to meet its financial obligations and the Directors have therefore taken the decision to appoint administrators.

The Joint Administrators will engage with landlords and other stakeholders to assess and, where necessary, make changes to the business designed to improve the viability of as many of the sites as possible. A sale of all or part of the business will be explored as one of the options to secure the best outcome for creditors. The Administrators will continually review the viability of each location, and depending on the outcome of discussions with stakeholders, there may need to be site closures as part of the process.

CAPA have been appointed by PWC to carry out an rates audit over the complete portfolio.

Radley (in admin)

Struggling handbag brand Radley has been acquired out of administration by LK Bennett owner Gordon Brothers.

The acquisition includes the Radley brand and related intellectual property. However, the brand’s two shops and 19 concessions will close at the end of the summer after their stock has been sold.

Administrators at FTI Consulting said the administration had followed “a sustained period of challenging economic conditions for the retail environment”.

In a statement, Gordon Brothers said the firm will drive a growth strategy that expands Radley’s global brand and operations through strategic investments in people, products and marketing.

This will include pursuing an asset-light that focuses strengthening relationships with key retailers, expanding the brand’s international presence, and extending Radley’s product categories beyond handbags, watches, jewellery, eyewear and beauty gifting.

FTI have pointed CAPA to carry out a rates audit over the companies portfolio of 23 properties.

LK Bennett (in admin)

Gordon Brothers has announced that it has acquired the LK Bennett fashion brand out of administration.

Founded in the 1990s by Linda Bennett, the brand started with a single boutique in Wimbledon and became known for its limited edition ready-to-wear, signature shoes, bags and accessories. LK Bennett filed a notice of intention to appoint administrators earlier this month.

Administrators Alvarez and Marsal have appointed CAPA to carry out a property audit over the portfolio.