So, yesterday I drove about 50 miles from home to drop my daughter off, and upon parking up I applied the parking brake as I usually do. There was immediately a loud screeching / grinding noise as the parking brake came on. "That didn't sound good" I thought..... When I tried to release the parking brake to set off again, an error popped up on the iDrive saying "parking brake failure" and the yellow parking brake light came up on the dash. First thought was to use the emergency release cable in the boot, but pulling this did nothing. It allowed me to pull it up a good few inches and no matter how hard I pulled it would not allow me to pull it any further.
So, I had to call the recovery company to collect the car (using little trolleys under the wheels) and take it to the nearest garage, which as it happens was a BMW dealer about 50 yards away. Very frustrating as it was a Sunday night where everything is closed and the dealer in question was visible from the front seat of my car.
Has anyone had this before? Based on the noise I'm thinking this is something mechanical that's failed as opposed to physical?
Not expecting it to be cheap to fix.

Black 2012 E70 3.0 XDrive M Sport. 7 seats, & tiny 19" wheels.....