UK entrepreneurs eye huge bargains from £120m sale of parking app Parking Space
The UK entrepreneurs behind Your Parking Space are set for a multi-million pound windfall after it was taken over by a global rival.
Harrison Woods and Charles Cridland are selling the online parking platform to Flowbird for £120m, earning them huge salaries each.
The deal is expected to be announced today.
Wealth: Entrepreneurs Charles Cridland and Harrison Woods set to enjoy huge payday from Parking Space sale
Cridland and Woods each own at least 25% of the business, meaning they will split at least £60m of the sale.
The company allows customers to reserve long-term and short-term parking spaces in driveways and other private land across the UK.
It encourages property owners in areas where there is a lack of cheap parking to rent spaces between £40 and £400 a month.
It has over 50,000 users and a total of 250,000 parking spaces nationwide, with the average owner pocketing £1,020 a year.
The couple installed it in 2013 after Cridland was puzzled by the number of empty aisles on their daily walk to Kew Gardens station in London.
Motorists were fighting for space in the station’s small car park and Cridland imagined Your Parking Space as a solution.
He teamed up with Woods, who had graduated from the University of Manchester and had just sold a similar idea, Primal Parking, to private investors.
They launched Your Parking Space and started recruiting private landlords to rent out their empty spaces.
Chairman Andrew Higginson held the same position at Morrisons when it was sold to private equity.
Higginson also took over as chairman of JD Sports this week as he seeks to bolster his board and repair his reputation.
Parking Space has over 50,000 users and a total of 250,000 parking spaces across the country, with the average owner pocketing £1,020 a year.
Flowbird offers apps and parking stations in 80 countries.
The company’s takeover of Your Parking Space comes amid a challenging global environment that has hit tech company valuations and seen major deals fail.
Cridland, 38, started his career at Lloyds Bank after graduating from the University of Warwick in 2006.
Woods, 32, went to Bury Grammar School in Greater Manchester and started his career working in sales. He worked at travel operator Thomas Cook where he led a team in Malia, Greece.
From there he founded Primal Parking and appeared in the 2012 BBC series Dragons’ Den, receiving an investment offer from Peter Jones and Theo Paphitis for the business.
Their company now has 35 full-time employees and helps park 12,000 cars every day.
The sale of Your Parking Space will also trigger a £25million payment for London-listed property firm Town Center Securities, which owns around a fifth of the business.
And that will mean a windfall for private equity firm Pelican Capital, which invested in Your Parking Space in 2020.