Posted on 5 January 2009

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Leading employment services provider, Parasol, has announced the acquisition of specialist accountancy practice ‘Quay Accounting’, a nationwide business who provide accounting services for freelancers. The buyout is the first of several planned strategic acquisitions in Parasol’s ambition to become one of the biggest contractor service providers in Europe, and sees the start of the company’s development in to a ‘one stop shop’, where all a contractor’s career requirements will be met.

Parasol managing director, Rob Crossland says: “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 allow us to look after every aspect of a contractor’s career, from beginning to end.

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, continuity of service and an easy to use online portal to simplify their migration from one employment solution to the next”.

Quay Managing Partner, Duncan Strike, says: “Quay is an ambitious company with the same ethos, compliant nature and high quality customer care 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 and will ensure our clients continue to benefit from Quay’s personal service.”

Quay Accounting currently employs 50 staff with a current turnover of £1.5m. With offices in Poole, Manchester and Aberdeen the company has been providing tailored accountancy solutions for 15 years.