A pair of entrepreneurs who founded an online parking platform nearly a decade ago are close to becoming multimillionaires as they finalise a deal to sell the company for £120m.
Sky News has learnt that Harrison Woods and Charles Cridland, who set up Your Parking Space in 2013 to enable motorists to generate revenue from their driveways, are close to concluding a deal with Flowbird, a giant US rival.
Sources suggested the deal could be announced as soon as Tuesday morning.
If completed, it will crystallise big paydays for the co-founders, both of whom are in their 30s, as well as Pelican Capital, a private equity firm which invested in the company in 2020.
It will also crystallise a £25m windfall for Town Centre Securities (TCS), the London-listed property company which owns a stake of approximately 20% in Your Parking Space.
The payout for TCS is likely to necessitate a stock exchange announcement because the company has a market valuation of only £70m.
Flowbird describes itself as a smart mobility company which operates in 80 countries and processes 350m transactions annually.
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The deal will be notable because it will come as many early-stage British companies are finding securing funding increasingly difficult against a dire backdrop for listed and private technology valuations.
Klarna, the buy now, pay later credit provider, confirmed a weekend report by Sky News that it had raised $800m at a post-money valuation of $6.7bn – a huge slump from its $45.6bn pre-money valuation just two years ago.
On Monday evening, Your Parking Space and TCS both declined to comment.
