Rcapital acquires engineering consultancy firm Patrick Parsons
Private investment firm Rcapital has acquired Patrick Parsons, provider of multi-disciplinary engineering consultancy services to commercial, industrial and housing developers.
Patrick Parsons focusses on helping clients assess, design and overcome the most complex of engineering challenges across a range of sectors. Operating from four sites – its HQ in Birmingham, London, Wakefield and Ashvale - the business provides a range of connected engineering services including Structural, Civil and Geo-Environmental consulting engineering services, competences the firm has developed over many years, and for which it has built a strong industry reputation.
Despite the pandemic, the business has seen a strong performance, increasing new business by over 80 per cent Q1 2021, compared with the same period last year. It has won several new key contracts this year, including long-term client Berkeley Group, which includes multiple residential developments, including Woodberry Down and The Green Quarter, and industrial expansion projects for AB InBEV, the world’s largest brewer.
Other wins include Walton-on-Trent Bypass, Derbyshire, where Patrick Parsons is providing infrastructure design and traffic & transport planning. For Stepnell, it is providing civil and Structural consultancy for a five storey, 120-unit residential development situated on a former gasworks in Newbold Road, Rugby.
To ensure Patrick Parsons is in the best position to take advantage of the upturn as lockdown comes to an end, the management team is implementing an ambitious new growth plan. This includes uniting all parts of the business and employees under a single entity from 1 June 2021.
This will further underpin the client-led strategy and focus on providing exceptional service delivery and developing the company’s client relationships through its core areas of expertise – Structural, Civil and Geo-Environmental consulting engineering services.
The firm is also announcing new investment in talent and is recruiting a minimum of ten new engineers so that it can service growing work levels from both existing and new clients. It is planning to add an additional five engineering apprentices, who will join the apprentices already working across the business. It is also investing in a comprehensive programme of training and development to help it attract the best talent and leaders of tomorrow.
Gail Bamforth, CEO of Patrick Parsons, says: “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.”