P Company or Pre-Parachute Selection Company, officially known as Pegasus Company, is the selection company that all British Army and Royal Marine Soldiers and Officers must pass though in order to receive there Para Wings, and are then entitled to extra (parachute) pay, and those soldiers are generally required to be attached to either the Parachute Regiment, or to one of the elements attached to the Parachute Regiment (e.g. 216 Squadron Para Signals).
the course consists of heavy physical activities, such as log races, metal stretcher races, tabbing/yomping (running or marching with packs), aerial confidence courses, and milling. Milling is boxing without any rules, it is used to demonstrate that potential members have sufficient aggression to be a Paratrooper.
This is one of the toughest courses open to members of the British Army, other than Pathfinder / SAS / 14 Int Det selection.
Upon passing P Company, troops are sent or RAF Brize Norton, to perform the jumps course which fully certifies them for parachute operations.