ParkingEye sold for £235 million as ticketing reaches record levels
The company which accesses the most vehicle keeper records to hand out parking tickets has been sold for more than quadruple its value five years ago.
ParkingEye had been bought by Capita for £58 million in 2013. But is has now been announced that the business will now be owned by Macquarie following a sale worth £235 million.
In 2017/18, the DVLA sold a record 5.65 million vehicle keeper records to private parking firms. Almost a third (31%) of these were bought by ParkingEye; 1.77 million in total.
These records will have been used to issue penalty tickets to drivers who are alleged to have infringed the rules in private car parks.
The 1.77 million was a 20% increase on the previous 12 months and a near 50% increase on 2015/16.
Steve Gooding, director of the RAC Foundation, said:
“This deal will confirm the suspicion that many motorists already had: that managing parking on private land is a licence to print money.
“The increase in the value of the company matches the relentless rise in the number of vehicle keeper records the DVLA has been providing to private parking companies so that they can issue parking tickets.”
The Government has committed to back a Private Member’s Bill which would lead to the introduction of a code of conduct for private car park operators. It is waiting for its committee stage in the House of Commons.
Tory former minister Sir Greg Knight’s Parking (Code of Practice) Bill is due to be scrutinised soon by MPs at the committee stage.
Mr Gooding added:
“What motorists will want to see is swift action by our politicians to get Sir Greg Knight’s private parking bill onto the statute book so that a shot of much-needed regulation can be brought to bear on this industry.”
ENDS
Contacts:
Philip Gomm – Head of External Communications – RAC Foundation
020 7747 3445 | 07711 776448 | [email protected] | 020 7389 0601 (ISDN)
Notes to editors:
The RAC Foundation is a transport policy and research organisation that explores the economic, mobility, safety and environmental issues relating to roads and their users. The Foundation publishes independent and authoritative research with which it promotes informed debate and advocates policy in the interest of the responsible motorist.
The RAC Foundation is a registered charity, number 1002705.
All the Foundation’s work is available on its website:
Sir Greg Knight MP’s Parking (Code of Practice) Bill had its second reading on 2 February 2018:
https://services.parliament.uk/bills/2017-19/parkingcodeofpractice.html
Bill summary: A Bill to make provision for and in connection with a code of practice containing guidance about the operation and management of private parking facilities; and for connected purposes.