Park First agrees latest major deal on acquisition trail
Commercial property company Park First has agreed a major deal which will make it the UK’s largest off-airport car parking company managing £213m worth of spaces.Park First, which is part of the Group First group of companies based in Padiham, has completed a string of deals in the past few months bringing its total number of airport parking company acquisitions up to seven.
The company says its eighth major deal – currently subject to a confidentiality agreement - has been agreed and is expected to be completed by the end of the year, making Park First the UK’s largest off-site airport parking company.Companies acquired by Park First to date include Help Me Park, Direct Parking, Airport Park & Ride, Skyport, Park Safe, Park Fast, Swift Park and the latest, yet to be named large corporation operating at major UK airports.
The last three years has seen Park First turn over more than £200m purely in airport car parking purchases and sales.Park First now operates off-airport car parking at Glasgow International Airport, London Gatwick Airport, Manchester Airport and Birmingham Airport under various brands.
The move into London this summer via its acquisition of Gatwick meet and greet parking firm Help Me Park signalled key expansion for the company.Toby Whittaker, managing director of the Group First group of companies, said: “Our latest acquisition will make us by far the largest airport car parking company by ownership – other companies may park more cars but they are owned by the airports themselves whereas we are an independent company managing our own extensive portfolio." Airport car parking spaces are sold to investment customers by Park First’s global network of sales agents.