Management team buys out Parc subsidiary

Aviation personnel provider Parc has announced the sale of its HR outsourcing and recruitment business, Parc HR Services (PHRS) to the management team of the subsidiary.

The management buyout of PHRS, led by its CEO Brian Flood and fellow Director Marian Noone follows a number of third-party approaches to Parc group expressing interest in buying this part of the group’s business, Parc said today.

Parc currently comprises two businesses - Parc Aviation, providing staffing and related aviation services globally to the aviation/aerospace sector and Parc HR Services, providing recruitment and HR outsourcing services to a range of sectors, mainly in Ireland and the UK.

PHRS has an annual turnover of almost €60m and accounts for approximately 25% of Parc group operating profits.

PHRS will continue to trade under the Parc brand for a limited period.