Cheshire-based Parasol has sold its payroll administration services to 15,000 contractors since its founding in 2000. The company charges freelance and contract IT and engineering staff a monthly fee of £55 to handle invoicing, tax and national insurance calculations and salary payments. Co-founder Rob Crossland has just led a management buyout for a reported £24m, backed by Inflexion Private Equity. He now plans to expand the higher-margin side of the business, which offers similar services to recruitment consultants such as Hays and Alexander Mann. Sales have risen 80% a year, from £39.2m in 2003 to £227.6m in 2006.
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