Employment services provider Parasol has acquired specialist accountancy practice Quay Accounting. Quay provides accounting services for freelancers.

According to a statement from Parasol, the buyout is the first of several planned strategic acquisitions in Parasol’s ambition to become one of the biggest contractor service providers in Europe. The company also said that the acquisition marks the start of its development into a one-stop shop where all of a contractor’s career requirements will be met”.

The price paid for the acquisition was not revealed.

Parasol currently looks after 14,000 contractors. Quay currently employs 50 staff with a current turnover of £1.5m. With offices in Poole, Manchester and Aberdeen, the company has been providing tailored accountancy solutions for 15 years.