A Warrington recruitment specialist honoured for its rapid growth has changed hands in a £24m management buyout.
Parasol employs an 80-strong customer support team at its Centre Court offices dealing with more than 15,000 self-employed professionals and 2,500 recruitment agencies covering the IT, engineering, medical and education sectors.
Founding partner Rob Crossland, who remains as managing director and a major shareholder, said the investment was vital to implement changes to pave the way for further expansion.
He said: “This is an exciting time for Parasol, its staff and its customers and we have re-structured the business in a waythat will allow us to continue to lead the market with innovative products and services.”
The buyout of four non-executive founding shareholders was backed by £9.4m from Inflexion Private Equity, a £12m debt package from HSBC and investment from current managers. Inflexion was advised by Warrington based corporate finance firm Dow Schofield Watts.
It has resulted in a new management team comprising existing senior management and expert personnel recruited for specific business roles.
Mr Crossland remains in operational control of Parasol and former Littlewoods/Shop Direct boss Anita Whittle has been recruited as finance director. Helen Stewart remains as operations director and Inflexion will have two non-executive directors on the new board.
Mr Crossland added: “We look forward to further strengthening our position across the recruitment services sector.”
He stressed that the “meticulously planned” changes to the management structure will not affect the service provided to Parasol’s clients.