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Umbrella giant snaps up leading contractor accountancy firm
Posted Jan 5, 2009
One of the UK's leading umbrella companies, Parasol, has acquired one of the best-known contractor accountancy firms - Quay Accounting.
Parasol, which seems to appear in various Sunday Times "Fast Track" tables on a regular basis says that the buyout is the first of several planned strategic acquisitions in its ambition to become one of the "biggest contractor service providers in Europe", and sees the company's development in to a 'one stop shop' for contractors.
Quay currently employs 50 staff across its offices in the UK and has a turnover of around £1.5m. The company has been providing accountancy services for IT contractors for 15 years.
MD Rob Crossland said: "The acquisition of Quay Accounting is a key strategic move for Parasol. 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".
Quay's MD, Duncan Strike, said: "Quay is an ambitious company with the same ethos, compliant nature and high quality service that made Parasol the leading Employment Services Provider in the UK. Joining with Parasol, who share our values, is a major step forward for us".
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