A pair of entrepreneurs who founded an online parking platform almost a decade ago are close to becoming multi-millionaires as they finalize a deal to sell the company for £120m.
Sky News has learned that Harrison Woods and Charles Cridland, who set up Your Parking Space in 2013 to allow motorists to generate income from their driveways, are close to striking a deal with Flowbird, a huge US rival.
Sources said the deal could be announced on Tuesday morning.
If completed, it will crystallize big paydays for the co-founders, both of whom are in their 30s, as well as for Pelican Capital, the private equity firm that invested in the company in 2020.
It will also crystallize a £25m windfall for Town Center Securities (TCS), the London-listed property company that owns approximately 20% of your car park.
The payout for TCS is likely to require an IPO as the company has a market value of just £70m.
Flowbird describes itself as a smart mobility company operating in 80 countries and processing 350 million transactions annually.
The deal will be significant as it comes as many UK early-stage companies find it increasingly difficult to secure funding amid dire conditions for stock market valuations and private technology.
Klarna, the buy-now, pay-later loan provider, confirmed a weekend Sky News report that it had raised $800 million at a $6.7 billion valuation, a huge drop from $45.6 billion just two years ago.
On Monday evening, Your Parking Place and TCS declined to comment.