Parasol hungry for more after buyout

PAYMENT outsourcing company Parasol has bought an accountancy firm in the first of a planned series of swoops.

Quay Accounting, which has offices in Manchester, Poole and Aberdeen, provides accounting services for freelancers. It employs 50 staff and has a turnover of £1.5m.

Rob Crossland, managing director of Warrington-based Parasol, said the buyout, for an undisclosed sum, is the first of several strategic acquisitions that Parasol plans to make to reach its goal of being the biggest contractor service providers in Europe.  It employs 90 staff and had a turnover of £319m last year.

Mr Crossland said: “Parasol’s growth has been remarkable and our employment services solution is presently looking after 14,000 contractors.

“Adding strategic complementary services, with the aim of building a portfolio of companies will enable us to look after every aspect of a contractor’s career, from start to finish.

“Our strategy also includes capturing the migration of contractors from umbrella company status, to limited company status.

“This is a well established process and acquiring Quay means we can broaden our services and continue to support that market with a distinct accountancy solution.”