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Parasol Umbrella seem to have disappeared today

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  • eek
    replied
    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.

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  • gizzmo
    replied
    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....

    Leave a comment:


  • eek
    replied
    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.

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  • courtg9000
    replied
    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?

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  • eek
    replied
    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

    Leave a comment:


  • courtg9000
    replied
    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?

    Leave a comment:


  • I am tired TIRED
    replied
    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

    Leave a comment:


  • DaveB
    replied
    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.

    Leave a comment:


  • cojak
    replied
    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.

    Leave a comment:


  • pacontracting
    replied
    Originally posted by gruntling View Post
    Recent email

    "The root cause of this issue has been identified as malicious activity on our network. This activity did not enter via the core Parasol platforms, but to ensure the safety and integrity of your data, we suspended our systems to protect the Parasol community. As you know, this included the MyParasol portal and our usual outbound and inbound communication channels."
    Suspended for five days - and still no sign of any recovery? I'm really hoping they have up-to-date backups. Would an attachment via email be considered a 'core' parasol platform?

    With regard to contacting them, as per the emails:

    Livechat - doesn't work
    Phone - nobody answers - it just rings out
    email - nobody responds.

    Total mess. I've already been looking around for other Umbrella's. I'd rather work via my own Ltd Co - but the end clients in the financial sector won't permit that model anymore.
    Last edited by pacontracting; 14 January 2022, 17:30.

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