Save content
Have you found this content useful? Use the button above to save it to your profile.
AIA

Parasol picks up Quay Accounting as it hits acquisition trail

by
8th Jan 2009
Save content
Have you found this content useful? Use the button above to save it to your profile.

Employment services provider Parasol has acquired the specialist accountancy practice Quay Accounting. Quay Accounting has a reported £1.5 million turnover and 50 staff, with offices in Poole, Aberdeen, and Wilmslow.
Rob Crossland, Parasol Group’s managing director and co-founder, confirmed the purchase was the first of a series of planned strategic acquisitions and that he intended to develop Quay into a £400-million turnover business.
Parasol provides payroll, tax, national insurance and other services to 14,000 freelance white-collar specialists in sectors such as IT, telecoms, engineering, oil and gas and nuclear, as well as teachers.

“Adding 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,” added Crossland. "Aquiring Quay means we can broaden our services and continue to support our market with a distinct accountancy solution. Our strategy has been developed in response to growing demand from contractors who no longer want to operate under an umbrella, qualify to use limited company status, and want the same level of care and service as well as a simplified migration from one employment solution to the next”.

Before today's takeover, Parasol had 90 staff and offices in Warrington, London and Glasgow.

Turnover in the year to April 5 rose from £240m to £320m. Profits almost doubled from £1.5m to £2.9m. Crossland led a £24m management buyout of the company in 2006.

Quay Managing Partner, Duncan Strike, said his 15 year-old practice shared the same ambition and ethos as its new owner, hailing the move as “a major step forward for us”.

Tags:

Replies (0)

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.