Paragon to acquire asset finance brokerage

Paragon to acquire asset finance brokerage




The Paragon Group of Companies has announced the acquisition of what it claims is one of the UK's leading asset finance brokerages.

Edinburgh-based Premier Asset Finance Limited will be acquired by Paragon Bank’s asset finance division for an initial consideration of £8.5m, with a further £12m payable over the next five years, subject to performance conditions.  

The news comes less than a year after Paragon acquired vehicle finance specialist Five Arrows Leasing Group, which was rebranded to Paragon Bank following its acquisition in November 2015.

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."

Founded in 2008, Premier sources more than £100m of lending each year to a range of SME customers.

To date, the firm has arranged over £500m of new lending and written in excess of 10,000 new agreements.

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