Australia’s third largest parking operator, Premier Parking, has been placed in administration by secured lender St George Bank.
Steve Parbery and Andrew Smith from insolvency firm PPB were appointed as administrators yesterday to Premier Parking (NSW) and Premier Parking (VIC).
The company, which was established in 1984, manages around 25 car parks in New South Wales and 12 in and around Melbourne’s CBD.
Premier’s managing director Scott Thomas was unavailable for comment prior to publication, but told the Australian Financial Review he will work with St George and the administrators in order to keep the business running.
Premier aims to sell off non-core assets to pay down debt and recapitalise the company.
The company has lost several key car park management contracts in recent months.
ASIC documents also reveal Premier Parking (NSW) was the subject of a wind-up order from a creditor in early July. According to the AFR, Abacus Property Group applied to have Premier wound-up over outstanding payments.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
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