Patrick Parsons directors say that the company is now in a strong financial position, following recent financial difficulties.
Patrick Parsons was bought by Lloyds Development Capital (LDC) in 2017 but financial problems led to a restructure in 2019. Part of the Patrick Parsons group went into administration in January 2020. A pre-pack deal saved the Huddersfield office but, with debts of £12.2m to LDC and £3m to AIB, the administrators found no alternative but to wind up the Newcastle office. Patrick Parsons Ltd was dissolved in April 2021.
The Huddersfield branch was bought from the administrators by JSA (Huddersfield), which subsequently changed its name to PPCP Limited was incorporated in January 2020, tradding as Patrick Parsons. Free of its financial burdens, it continued to trade and has subsequently prospered, with offices now in Birmingham, Twickenham, Aldershot as well as West Yorkshire.
Today the business has more than 115 staff, providing structural, civil and geo-environmental consulting engineering services. Clients include housing developer Berkeley Group and brewer Anheuser-Busch InBEV.
Patrick Parsons is also providing infrastructure design and traffic & transport planning for the Walton-on-Trent bypass in Derbyshire. For Stepnell, it is providing civil and structural consultancy for a five storey, 120-unit residential development in Rugby.
Patrick Parsons chief executive Gail Bamforth, an accountant who joined the company in 2019, 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.”