The MOTO accounts show a profit of £7.2 million from a parking contract termination.
The CP Plus accounts show an Exceptional item where a legal dispute is settled raising an extra £8.2 million.
As both parties cannot have made a profit from terminating a contract, The Prankster makes the reasonable assumption that Moto originally made provision to settle for £15 million, but settled for £7 million.
It appears the money was burning a hole in CP Plus's pockets, because they have now apparently taken over Highview and Ranger Services.
Grahame Rose, Ian Langdon, Tamsin Rickeard, and Elliot Morris all became directors of Highview on 2 June 2015. Simon Leigh and Melvil Corin left on the same day.
Russell Corin became a director of Ranger Services on 1 June 2015. Grahame Rose, Ian Langdon and Tamsin Rickeard, all became directors of Ranger Services on 2 June 2015. Simon Leigh left on the same day.
Grahame Rose, Ian Langdon, and Tamsin Rickeard are all longstanding directors of CP Plus.
Prankster Note
The British Parking Association are fond of saying there is no such thing as free parking, and this apparently demonstrates that.
Landowners who contract in parking management companies on the basis that they are free and will make all their money from targeting their customers soon find out that they have made a bad deal which is difficult to get out of. Their customers complain heavily and move their business elsewhere. The loss in reputation damage and customer retention soon dwarfs any money saved from paying a reputable parking company to manage parking.
Somerfield found this to their cost when ParkingEye started damaging their business. They had to pay £300,000 to get rid of the parking parasites.
B&Q found this next, when they had to pay a reputed £400,000 to get rid of ParkingEye. (Business is now returning now their parking is being managed in a sensitive way).
Now Moto have joined the not-so-free-parking-club. Although the reasons for early termination are not disclosed, The Prankster paraphrases Occam's razor; the most likely explanation is the one which makes fewest assumptions. The most likely explanation, The Prankster believes, is that the contract was terminated due to customer dissatisfaction.
Happy Parking
The Parking Prankster
The more the merrier. Sooner or later all such parking spot owners will get the message.
ReplyDeleteOn the up-side maybe Highview will start to buy land with their windfall, and build proper car parks with by entry barriers and affordable charges such as in some NCP car parks.
Oops, not Highview. CP Plus
DeleteI wonder who will now protect motorway service areas from selfish motorists who leave their cars there and trudge across miles of open farmland to use the nearest shops.
ReplyDelete