Paragon Group Of Companies PLC Acquisition of Premier Asset Finance Limited (4269L)
October 03 2016 - 1:00AM
UK Regulatory
TIDMPAG
RNS Number : 4269L
Paragon Group Of Companies PLC
03 October 2016
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 GBP100 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 GBP8.5 million,
payable in cash. A further GBP12 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 Richard Woodman Deborah Bateman
Chief Executive Finance Director External Relations
Tel: 0207 786 Tel: 0121 712 Director
8474 2607 Tel: 0121 712
2505
This information is provided by RNS
The company news service from the London Stock Exchange
END
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