Ticket for NCP expected to cost £500m

NCP, Britain's biggest commercial car park operator, has appointed investment bank Citigroup to consider selling the business with a price of about £500m.

Private equity group Cinven bought NCP in 2002. Now the firm and its backers plan to launch a strategic review to help them decide whether to sell the business or seek a refinancing. A flotation is thought unlikely.

While NCP is best-known for its 600 car parks, the fastest-growing business is providing uniformed traffic wardens in about 30 towns, cities and boroughs. NCP wardens operate in some of London's most congested traffic hotspots such as Westminster and Camden.

A number of private equity firms could be attracted by the business, including Apax, which was pipped at the post when NCP was last sold.