I mentioned a couple of months ago that I had heard that a list of Central’s assets (read that parking locations owned) was being circulated to potential buyers. Well it seems that the sell off has begun. 11 properties in the company’s home city of Nashville are on the block, and over 100 others nationwide are also up for grabs. Scarcely a weeks goes by that an announcement of the sale of management locations isn’t announced.
The number of locations run by Central is shrinking, down over 100 locations since December. The majority of its prime real estate is on the block, they are selling their headquarters in Nashville, and I’m told by sources in the UK, that their entire European operation is up for grabs.
Although management says that this is all part of their plan begin before the sale, its difficult to understand why, if the plan was in the works, they couldn’t have gotten it underway, created a more healthy company and THEN sold the new revitalized organization for a much higher price. But then, as I’ve said, I don’t really understand high finance.
The question asked by my friend in the UK was:
I was wondering how amongst all the doom and gloom of news about sales,
cutbacks and assets disposal are they able to retain good people and keep up
morale? or are we about to loose some good and experienced people out of the
parking industry? It will be a shame?
I don’t think the good people will leave the industry, just move to other companies where they may be sorely needed. A number of people in senior positions at Central have moved on to other opportunities, but I’m certain many are staying and waiting to see what will happen. Whenever there are changes, people get nervous.
Time will tell the tale.