NCP FD to step down
The massive re-organisation of financial accounting procedures at troubled car parking giant, National Car Parks, has resulted in the resignation of finance director John Prangnell, the second senior figure to step down since the plan.
The announcement by the company in a memo to employees said that Prangnell, a 54-year-old chartered accountant, will relinquish his post in December.
Company insiders said his position had become untenable following the devolution of financial accounting within the company to four regions.
The decision will be embarrassing for NCP chief executive, Bob Mackenzie, who this week announced pre-tax profit figures for NCP’s holding company, the National Parking Corporation, down by a half on last year, from # 51.1m to # 25.2m. Turnover increased by 6% to # 309m.
The company embarked on a # 3m re-engineering process last year which has resulted in the loss of its IT director and most computer staff following disputes over the switch to a # 300,000 Oracle Financials system.
NCP refused to comment.