Quay Accounting Firm Acquired By Employment Services Provider

Thu, 08 Jan 2009

Specialist accountancy practice Quay Accounting has merged forces with employment services provider Parasol.

Parasol has successfully acquired a 75 per cent stake in the nationwide accounting firm in a move which forms the first part of its ambition to become one of the biggest contractor service providers in Europe.

The buyout also signals the start of the company’s development in to a ‘one stop shop’, where all a contractor’s career requirements will be met.

Commenting on the deal, Parasol managing director 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 allow us to look after every aspect of a contractor’s career, from beginning to end," he added.

Duncan Strike, managing partner at Quay, said: "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 has been providing tailored accountancy services for freelancers since 1994. The company has a current turnover of £1.5m and a workforce of 50 staff based around the UK.
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