THE PARAGON GROUP OF COMPANIES PLC
Acquisition of Premier Asset Finance Limited
The Paragon Group of Companies PLC is pleased to announce the purchase of 100% of the issued share capital in Premier Asset Finance Limited ("Premier"). The business will be acquired by Paragon Bank PLC's asset finance division, Paragon Bank Asset Finance Limited. Regulatory approval has been received for the transaction.
Premier is one of the UK's leading asset finance brokerages, sourcing in excess of £100 million of lending per annum to a range of SME customers. The business, which is headquartered in Edinburgh, has a national presence, and was voted as Broker of the Year in Leasing World's 2015 awards.
The initial consideration for the purchase is £8.5 million, payable in cash. A further £12 million is payable over the following five years, subject to performance conditions. The consideration is being paid from Paragon's existing cash resources.
Commenting on the acquisition, Nigel Terrington, Chief Executive of Paragon said:
"I am delighted to welcome the Premier team to the Group's banking division. It complements our acquisition of the Five Arrows Leasing Group last year. This latest acquisition reflects our ongoing commitment to delivering a more material presence in the UK asset finance market in line with the Group's diversification strategy."
Paragon's results for the year to 30 September 2016 will be announced on Wednesday 23 November 2016.
For further information, please contact:
Nigel S Terrington
Tel: 0207 786 8474
Tel: 0121 712 2607
External Relations Director
Tel: 0121 712 2505
This information is provided by RNS