Originally posted by pacontracting
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Parasol Umbrella seem to have disappeared today
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Originally posted by courtg9000 View Post
Hint to Lucy at clarity - get your marketing game on full power, lots of open customers probably waiting for you to charm them into placing business with you very soon.
***I was in private equity for a while backed by my own money - much smaller deals.
There is a risk that some of the smaller Umbrella's could be inundated with customers but at least in theory, the AWS platform could be scaled fairly quickly.
I hope those Umbrellas' that actually do care, do take advantage of this debacle.Leave a comment:
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Originally posted by agentzero View Post
Is my understanding incorrect? I thought a VC group bought out all the companies. The debt ratio and EBITDA suggest that this remains the case, despite there being a CEO of parasol. The funders and backers are a VC group.
Any company in such a structure will have a CEO. The CEO of the PE group will define the rules by which the CEO of the owned company will play and his minions will join the board to ensure that the company's management play to the tune directed by the top CEO.
Knowing what I do about private equity***. I am not too concerned about these companies today. Just today and maybe tomorrow the 19th mind. However, I suspect a huge chunk of their customer base of the entire group will vote with their feet and switch provider after this attack. This is where contractors could really get hurt. It is quite possible that losses will mount and then contractors might not get paid.
I suspect that we will hear of a restructuring of the group this year and I would suggest that this includes debt and layoffs. Also a sale of the group or parts would not surprise me.
The joke here is that most of their clients are IT guys. I have only heard a rumour about 1 flaky windows server but a quick chat with some of their clients might have told them a few stark home truths and this could have all been avoided for a few quid! This thread has posted up at least one other howler regarding VLANS's and I wonder how many others could be told.
Hint to Lucy at clarity - get your marketing game on full power, lots of open customers probably waiting for you to charm them into placing business with you very soon.
***I was in private equity for a while backed by my own money - much smaller deals.Leave a comment:
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Originally posted by Andy Hallett View PostAny rebates an agency receives is insignificant compared to the issue of its contractors not getting paid.
At the time of the issue, yes, otherwise no. Backhanders and kickbacks exist because the majority of umbrella companies and contractor accounting companies aren't very good at their jobs. They deserve bad press. A consolidation of the industry was expected at some point after recent IR35 changes and this appears to be emerging as the time when these happenings occur. I look forward to Parasol and their various companies going bust, along with the VC firm losing a lot of money.
Any agency, umbrella co, or contractor accounting company that allows service to get so bad that they can't even provide a consistent service deserves to enter the abyss.Leave a comment:
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Any rebates an agency receives is insignificant compared to the issue of its contractors not getting paid.Leave a comment:
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Originally posted by agentzero View Post
Is my understanding incorrect? I thought a VC group bought out all the companies. The debt ratio and EBITDA suggest that this remains the case, despite there being a CEO of parasol. The funders and backers are a VC group.
https://www.sovereigncapital.co.uk/w...dominic-dalli/Leave a comment:
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Originally posted by WTFH View Post
Umm...
Is my understanding incorrect? I thought a VC group bought out all the companies. The debt ratio and EBITDA suggest that this remains the case, despite there being a CEO of parasol. The funders and backers are a VC group.Leave a comment:
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Originally posted by saptastic View PostWhy would SJD be down as well? I know part of the same group - guess it is all linked together "system" or they took everything down as a precautionary measure?
https://www.theregister.com/2022/01/...omware_attack/
These companies are being drained by a venture capitalist business. Security wasn't at the front of the queue when their cloud services were provisioned. They have kept the company data within one portal within their cloud instance. Looks to be the end of these businesses.
There are plenty of reviews for other providers here. People need to insist to their agencies that the relationship with Parasol Group companies is over, kickbacks or no kickbacks.Leave a comment:
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Originally posted by WTFH View PostDo we think that was written by Dominic Dalli?Leave a comment:
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