Patrick Parsons Investment and New Corporate Structure
8 June 2021
We are delighted to announce that Patrick Parsons has been acquired by private investment firm, Rcapital, bringing additional financial firepower and support for our long-term growth strategy.
Despite the pandemic, we have seen a strong performance, increasing new business by over 80% Q1 2021, compared with the same period last year. To continue on our growth trajectory and ensure that we are in the best position to take advantage of the upturn as lockdown comes to an end, part of our ambitious new growth plan includes uniting all parts of the business and employees under a single entity from 1 June 2021.
This Patrick Parsons investment will further underpin our client-led strategy and focus on providing exceptional service delivery and developing our client relationships through our core areas of expertise – Structural, Civil and Geo-Environmental consulting engineering services.
Gail Bamforth, CEO of Patrick Parsons, said: “We have a new partner and investor in Rcapital, which puts us in a strong position financially and provides significant momentum behind our ambitious growth strategy and plans for the future.
“I am very pleased that the growth strategy is already paying dividends with the business performing well, and levels of secured work have already returned to pre-pandemic levels. We have also secured some fantastic new mandates and have more opportunities in the pipeline.”
As part of our growth plan Patrick Parsons is investing heavily in talent and we are currently recruiting a minimum of ten new engineers so that we can service growing work levels from both existing and new clients. We will also be hiring five engineering apprentices, who will join the apprentices already working across the business. Additionally, investment will be made to provide a comprehensive programme of training and development to attract the best talent and leaders of tomorrow.