Last week, Tennesseebased Central Parking Corporation (CPC) said it has engaged financial services firm Blackstone to assist the company in "exploring strategic alternatives to enhance stakeholder value".

CPC said this could lead to the quoted company being sold or merging with another entity. Management confirmed that it has already met third-parties who have expressed an interest in CPC, but added that no agreements have yet been reached.

The company is valued at $639m. Its stock has risen 33% this year.

Central Parking Systems lost the Dublin city council clamping contract in 2004.

Latest results for the firm show that turnover slumped from 8.5m to 3.4m between 2004 and 2005.

The Irish arm reported an operating profit of 452,000 in the 12 months to September 2005, compared to 610,000 the previous year.

Its payroll costs fell from 4.5m in 2004 to 1.5m in 2005.

Last year, Central Parking Systems sought to challenge the decision by the city council to award the capital's clamping contract to Park Rite. CPS had held the contract since 1998. Dun Laoghaire-Rathdown county council recently renewed a contract with CPS to provide clamping services.

Central Parking Corporation did not say when the operations review would be complete. In 2005 it announced a similar plan that was shelved within three months.

CPC is the world's largest car park owner, with 1.5 million spaces at 3,100 locations around the world, including countries such as Britain, Spain, Switzerland and Greece.