Two entrepreneurs who founded an online parking platform almost a decade ago are close to becoming multi-millionaires as they have struck 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 profit from their driveways, are close to closing a deal with Flowbird, the giant US rival.

Sources suggested the deal could be announced as early as Tuesday morning.

If completed, it would crystallize big payouts for the co-founders, who are both in their 30s, as well as Pelican Capital, the private equity firm that invested in the company in 2020.

It also crystallizes a £25m windfall for Town Center Securities (TCS), the London-listed real estate company that owns around 20% of Your Parking Space.

Paying for TCS is likely to require a stock exchange listing because the company’s market valuation is just £70m.

Flowbird describes itself as a smart mobile company that operates in 80 countries and processes 350 million transactions annually.

The deal will be notable because it comes as many UK early-stage companies find it increasingly difficult to secure funding amid a dire backdrop for technology stock and private valuations.

Klarna, the “buy now, pay later” credit provider is confirmed a Sky News report at the weekend that it raised $800 million at a $6.7 billion after-money valuation — a significant drop from a $45.6 billion valuation just two years ago.

Your Parking Space and TCS declined to comment on Monday evening.

https://news.sky.com/story/your-parking-space-entrepreneurs-toast-163120m-sale-to-flowbird-12650226

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