Boss at heritage firm in buyout

Apr 2 2008 by Graeme King, The Journal

A DIRECTOR who started out at a leading firm of Newcastle consulting engineers as an inexperienced 17-year-old has just completed a management buy out of the business.

Peter Stienlet, now 39, has acquired Patrick Parsons Consulting Engineers with colleague Mark Turner, 42, in a deal jointly funded by the Co-operative Bank in Newcastle and Evolve Finance, the specialist mezzanine debt division of NEL Fund Managers Ltd.

Now the business partners aim to expand the Collingwood Street firm, both through capitalising on its reputation for heritage-related work around the North East and through growing into new areas and with new staff.

Patrick Parsons can boast contracts to work on the restoration and preservation of such high-profile sites as Alnwick Castle, Durham Castle, Cragside, Lumley Castle and Askham Hall.

The business is also the official engineer to Durham Cathedral – one of three World Heritage Sites in its portfolio.

Patrick Parsons provides specialist civil and structural engineering consultancy from feasibility and design through to completion and ongoing maintenance.

Projects are currently under way with the heritage, leisure, commercial, manufacturing, education, healthcare, housing, and private sectors, with projects varying in value between £250,000 and £60m.

Stienlet aims to grow the firm’s national and international profile with joint financial support from the Co-operative Bank Corporate Banking Centre and Evolve.

The firm was established in 1964 by Patrick Parsons, and today employs 20 staff, though this number is expected to grow and may lead to relocation eventually away from Collingwood Street, where the company’s lease expires in 18 months.

Stienlet said: “This deal, taking the firm over, is the starting block. We have got civil and structural expertise, and we are looking to expand into geotechnical, mechnical, electrical and environmental, to provide clients with a broad spread of services. The heritage side is very important to us. It’s quite a niche market, and the jobs are nice to be involved with – they are all buildings which will be around for hundreds of years.

“We’re proud to be progressing this well-established company and providing ever more specialist services to incorporate the demands of planning laws, including environmental and sustainability considerations.”

Mark Wharton, corporate manager at the Co-operative Bank in Newcastle, said: “We’re really pleased to invest in a local company whose work has significant regional merit to enable it to go from strength to strength.

“The professional skills Patrick Parsons has to offer helps preserve our rich history by ensuring the many unique and beautiful heritage sites here in the North East are maintained and can be seen in their full glory.”

Steve Garbutt, a fund manager with Evolve, said: “I’ve known this business for many years and am delighted to be able to help Peter and Mark take over the reins.

“Their combined experience and knowledge of the industry makes this a really attractive investment for us.”