Restructuring success: how we supported NCP’s debt clearance

National Car Parks Limited (NCP) faced the challenge of clearing a substantial debt burden, amounting to several hundred million pounds, to strengthen its balance sheet following its acquisition by a consortium of Japanese financial institutions. With strict accounting and tax deadlines, the company required expert legal support to execute the complex restructuring within a tight timeframe.

Approach

To meet NCP's objectives, RPC implemented a strategic plan tailored to the transaction’s complexity and urgency:

1. Streamlined restructuring: we managed the intricate process of loan assignments, transfers between NCP group companies, and set-off arrangements.
2. Close collaboration: our team worked closely with the NCP leadership, leveraging insights from Nigel Collins’ secondment to ensure a deep understanding of the group’s needs.
3. Rapid delivery: with stringent deadlines in place, we coordinated seamlessly across teams to complete the restructuring in less than three weeks.

 Outcome

The restructuring successfully eliminated several hundred million pounds in debt from NCP’s balance sheet, significantly enhancing its financial health and operational flexibility. The transaction was completed within the challenging three-week timeframe, ensuring compliance with accounting and tax requirements.

Impact

The improved NCP financial position bolstered its ability to pursue growth opportunities and adapt to market challenges. The success of this transaction reinforced RPC’s reputation for delivering timely and effective solutions in high-value financial matters and strengthened its long-term partnership with NCP.