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  • Paragon Bank acquires SME asset finance business

    2 October 2015

Paragon Bank PLC, part of The Paragon Group of Companies PLC, has today agreed to acquire Five Arrows Leasing Group Limited, an SME asset finance lending business.

The acquisition is part of Paragon Bank’s strategy to enter into the UK SME asset finance market. The Bank will acquire the total share capital of Five Arrows Leasing for £117 million and the transaction is expected to complete by 3 November 2015.

Five Arrows Leasing Group Limited is currently owned by Five Arrows Leasing Holdings Limited which is part of Rothschild & Co.

The business specialises in providing asset finance products through its subsidiary brands to UK SMEs, including equipment, vehicle and construction equipment finance, and is also a provider of lease servicing.

Richard Doe, Managing Director of Paragon Bank, said:

This is fantastic news for Paragon Bank. The new business has a strong track record and good reputation in operating in specialist SME markets, which is a strong cultural fit with Paragon in view of our expertise in specialist niche markets. The loan book has an excellent credit profile and we believe there are many opportunities to grow and develop these businesses.

It is expected that the acquisition will also accelerate Paragon Bank’s business plan, allowing the Bank to achieve profit in 2016 and further enhance its contribution to the Group’s ongoing success.

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Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551