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Parasol Umbrella seem to have disappeared today

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    #51
    Originally posted by Johngerald View Post
    Is it just me ? But I’m not convinced that this is just a Systems “issue” - is anyone aware of the current financial state of Parasol ?
    Go and look at their accounts at Companies House.

    I can’t be arsed myself.
    "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
    - Voltaire/Benjamin Franklin/Anne Frank...

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      #52
      Originally posted by cojak View Post

      Go and look at their accounts at Companies House.

      I can’t be arsed myself.
      Have fun figuring out which ones to look at. I had a quick nosey earlier and found at least three holding companies in the chain owning Parasol, along with SJD, NW, Clearsky etc.
      "Being nice costs nothing and sometimes gets you extra bacon" - Pondlife.

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        #53
        Originally posted by Johngerald View Post
        Is it just me ? But I’m not convinced that this is just a Systems “issue” - is anyone aware of the current financial state of Parasol ?
        Not sure of the veracity but this was posted on Trustpilot a few days ago by 'Parasol contractor' under header 'Going Under?':

        I have looked at the Group's accounts. They have bank loan of £102m at a rate of minimum LIBOR of 0.75% + 7% and shareholder loans of £49m at 10% and the latter have had no interest or principal repayments for 2 years. Group profit before financing costs £7m. Financing costs £17m. Net shareholders' funds negative £48m. I suspect they're going under, I would get onto your agencies asap and find out what happens if they do

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          #54
          Originally posted by I am tired TIRED View Post

          Not sure of the veracity but this was posted on Trustpilot a few days ago by 'Parasol contractor' under header 'Going Under?':

          I have looked at the Group's accounts. They have bank loan of £102m at a rate of minimum LIBOR of 0.75% + 7% and shareholder loans of £49m at 10% and the latter have had no interest or principal repayments for 2 years. Group profit before financing costs £7m. Financing costs £17m. Net shareholders' funds negative £48m. I suspect they're going under, I would get onto your agencies asap and find out what happens if they do
          It's not healthy. BUT I have seen PE backed companies with much, much worse states of affairs that are happily trundling along and trading ok. Granted there is some cause to be worried I guess. If I was still a contractor and had very little or no knowledge of PE then I would rightly have cause to be very concerned. Anyone have a rough idea what the accounts payable backlog looks like currently, including contractors?

          Former IPSE member
          My Website

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            #55
            Originally posted by courtg9000 View Post

            It's not healthy. BUT I have seen PE backed companies with much, much worse states of affairs that are happily trundling along and trading ok. Granted there is some cause to be worried I guess. If I was still a contractor and had very little or no knowledge of PE then I would rightly have cause to be very concerned. Anyone have a rough idea what the accounts payable backlog looks like currently, including contractors?
            Wouldn’t say they are going under but I would also say looking at that and the FCSA financial requirements it’s got to be a painful conversation

            and it does explain the reason behind the pension trick that’s been spotted
            merely at clientco for the entertainment

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              #56
              Originally posted by eek View Post

              Wouldn’t say they are going under but I would also say looking at that and the FCSA financial requirements it’s got to be a painful conversation

              and it does explain the reason behind the pension trick that’s been spotted
              Pensions trick, please kind Sir?
              Former IPSE member
              My Website

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                #57
                Originally posted by courtg9000 View Post

                Pensions trick, please kind Sir?
                trying not to say everything in public - but surely only 1 pension item should be listed on the pay summary (employer contribution) and 1 on the pay slip (employee contribution) rather than 3 on the pay summary and none on the payslip.

                think that should be enough of a clue

                Originally posted by eek View Post

                If you look at a Parasol pay summary (not the payslip but the bit that contains the employer tax breakdowns) you may see 3 pension figures, not 2... One of them (the smallest one) is a trick that sends some extra money into Parasol's pocket.
                Last edited by eek; 16 January 2022, 16:40.
                merely at clientco for the entertainment

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                  #58
                  Originally posted by eek View Post

                  If you look at a Parasol pay summary (not the payslip but the bit that contains the employer tax breakdowns) you may see 3 pension figures, not 2... One of them (the smallest one) is a trick that sends some extra money into Parasol's pocket.
                  I've looked at all my pay summaries for the last 12 months and there is nothing that looks like that in my payslip. I have a spreadsheet with the amounts pre-calculated with what should be on my payslip and i always check it with the pay summary and pay slip -- and its only ever out by a few pence....

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                    #59
                    Originally posted by gizzmo View Post

                    I've looked at all my pay summaries for the last 12 months and there is nothing that looks like that in my payslip. I have a spreadsheet with the amounts pre-calculated with what should be on my payslip and i always check it with the pay summary and pay slip -- and its only ever out by a few pence....
                    How is your pension done - salary sacrifice into a sipp or workplace pension (it's the latter that is "interesting")?
                    Last edited by eek; 17 January 2022, 07:44.
                    merely at clientco for the entertainment

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                      #60
                      Originally posted by eek View Post

                      How is your pension done - salary sacrifice into a sipp or workplace pension (it's the latter that is "interesting")?
                      Well i know this may not be the norm but I actually do both - as Parasol will only allow contribution of the bare minimum into the NEST pension - they do 4% employer contribution before tax and 4% employee contribution after tax. (I am purely doing this so that I can build up a small pot below 10k to shield from the LTA)


                      Plus I also put a much larger chunk into my sipp before tax via salary sacrifice.

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