CPT to Acquire Town & City Parking (UK) Ltd Back

CPT is pleased to announce that it has entered into a binding Heads of Agreement to acquire 100% of Town & City Parking (UK) Ltd (Town & City).
Town & City is the UKs largest retail parking company, and manages over 1000 car parks across the UK for some of the UKs major retailers. Last year Town & City had a turnover of approximately 15M. It is expected that this strategic acquisition will provide significant benefits to CPT and allow it greater control over the deployment of its car park technology products across the UK.

CPT Chairman Chris Morris commented This is an exciting opportunity for Car Parking Technologies and transforms the company from a pure technology provider to a company that can offer an end to end solution for managing on and off street parking using its own technology. Management of car parks traditionally has been a labour intensive business but by using smart technology staff costs can be reduced significantly.

The acquisition is subject to customary conditions precedent including due diligence and shareholder approval. The current owner of Town & City is Mr Bernie Dickson, who is a non-executive board member of CPT.
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