News
Co-Operative Bank Newcastle Backs Former Trainee In Management Buy-Out
Tue 1 Apr, 2008
From left, Ian O'Brien of NEL Fund Managers, Mark Turner and Peter Stienlet of Patrick Parsons and Antony Nicholson of the Co-operative Bank at Alnwick Castle.
Peter Stienlet, a former trainee and now Director at Consultant Engineers Patrick Parsons Ltd, has acquired the firm with colleague Mark Turner in a management buy-out jointly funded by the Co-operative Bank in Newcastle and Evolve Finance, the specialist mezzanine debt division of NEL Fund Managers Ltd.
Patrick Parsons Ltd will continue to provide specialist Civil and Structural Engineering consultancy from feasibility and design through to completion and ongoing maintenance. Projects are currently underway with the heritage,leisure, commercial, manufacturing, education, healthcare, housing, and private sectors, with projects varying in value between £250,000 and £60,000,000
It will grow its national and international profile with joint financial support from the Co-operative Bank Corporate Banking Centre (CBC) in Newcastle and Evolve, independent fund managers based in the North East. The consideration for the business included a share transfer from Mr. Stienlet and Mr. Turner.
The firm was established in 1964 by Patrick Parsons, and today employs 20 staff.
Its work also includes the specialist area of heritage buildings and historic restoration. The company is Engineer to Durham Cathedral, one of three World Heritage Sites within their portfolio as well as local landmarks such as; Alnwick Castle, Durham Castle, Cragside, Lumley Castle and Askham Hall.
Peter first took a summer job with the company, aged just 17. After briefly trying a different career, he returned to Patrick Parsons in his early twenties as a junior engineer working in the evenings, whilst studying civil engineering. After time away from the company working for an international consultancy Peter returned as a Director and built a stake in the business.
Peter and Mark studied together at Newcastle University. Mark joined Patrick Parsons as a Director after a career working with a number of large multinational consultancies, before buying into the business with his old university friend, Peter.
Peter Stienlet said: "We're proud to be progressing this well-established company and providing ever more specialist services to incorporate the demands of planning laws, including environmental and sustainability considerations. We're looking forward to continuing to offer a high level of personal service and quality as well as playing our part in preserving the regions' historic buildings."
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