Rescue deals have cost total of £4m

City Parking has cost Glasgow £4million in bail-outs since it was set up as an arm's length organisation five years ago.

Loading Comments
Share
Print

The business, which has never posted a profit, got £2m last year, including £750,000 to pay off its entire management team.

Earlier this year the council confirmed City Parking would need a cash injection of another £2m to help it renegotiate its overdraft facility.

City Parking is designed to save the local authority money.

It paid for a facelift of its off-street multi-storey car parks by mortgaging the assets just as the economic downturn hit the parking sector.

Council boss Gordon Matheson, left, continues to praise the "bold decision" by former leader Steven Purcell to create City Parking because it allowed the council to borrow money that would otherwise have been unavailable.

City Parking has still to file its 2011-12 accounts. But council figures suggest it ended last year more than £1m in the red.

The business is now officially valued as worth MINUS £4.3m, something industry sources stress would be unthinkable in the private parking sector.

Finance

Commenting & Moderation

We moderate all comments on Evening Times on either a pre-moderated or post-moderated basis. If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

109705

Have you got a story?

Contact the news desk on 0141 302 6520 or email news@eveningtimes.co.uk
                A weekly round up of social highlights                
                               

A weekly round up of social highlights

                               

Cat's Eyes on Glasgow

                               

Why the Harlem Globetrotters weren't so slam dunking and making a boob at Debenhams

               
Free swim at a Glasgow Club pool for every reader - Click here

Entertainment

Lifestyle

Wedding
Gail’s Gab

Gail’s Gab

Gail Sheridan is a mother-of-one and wife to Tommy and she likes to get political with the hot topic of the week in her column Gail’s Gab.

            Michelle McManus            
                       

Michelle McManus

                       

Sussed in the City

                       

Why women are better at spotting so called 'bluff' when it comes to the independence debate.

           
Janice Bell

Janice Bell

You couldn’t make up half the stuff that happens to PA Janice Bell- some of the jams she gets herself into are worth a story or two.