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.

Previous articleWest Midlands and North East businesses hit hardest by cost of living
Next articleBrit survives apocalyptic avalanche while hiking in Kyrgyzstan after a chunk of glacier breaks off – and he filmed it | UK news