Parasol expected to be put up for sale

Fri, 20 Jan 2012

Contractor services company, Parasol, is likely to be put up for sale imminently as part of its efforts to seek new investment to help with international expansion.

The company’s founder and chief executive, Rob Crossland, told the Manchester Evening News that the current owners, private equity company Inflexion, was likely to sell its stake in the company within the next 18 months. Inflexion backed a £24 million management buyout of the company in 2006, and a sale of its stake would allow for further growth.

“We have lots of ambition and opportunities for growth, both in the UK and abroad,” he said. “We want to move to the next level to become a true business services group, focused on helping people to get on.”

The company provides umbrella PAYE services for contractors and temporary staff and also places workers on temporary assignments for recruitment agencies. In the year to April 3, 2011, the company saw the number of people on its books rise from 7,600 to 8,300. Its turnover rose from £338 million to £382.9 million and its pre-tax profits rose from £2.77 million to £4.68 million.

The company employs around 150 staff in offices in Warrington, London and in Poole, Dorset. It is thought the company would look to unite its operations following the next buyout.

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