Hampshire-based heavy haulage and lifting specialists A R Banks is set to expand its fleet after securing funding from Paragon Bank.

The Southampton-based firm, which provides HIAB crane hire and lift services, secured over £290,000 to acquire a Scania 500 8x2, equipped with a rear mount lorry loader.   

The new acquisition is the latest in a series of funding arrangements between A R Banks and Paragon’s SME Lending division, which across the last six years now totals over £620,000.   

Founded in 2011 by Stuart Banks, A R Banks provides a 24/7 response service to clients throughout the UK, with the arrival of the Scania 500 allowing the firm to extend its range of services and provide greater flexibility to clients. The company specialises in the engineering, marine, rail, aviation and construction industries throughout the UK and Europe.

Steve O’Reilly, Paragon SME Lending Business Development Manager for the South East, worked closely with Stuart Banks, AR Bank’s founder, to understand its business and to arrange funding that supports it in achieving its goals.  

Commenting on the investment and how it will support A R Banks’ objectives, Stuart Banks said: “Thanks to the funding support provided by Paragon and the arrival of a new Scania 500,equipped with a rear mounted lorry loader, to our fleet, we can now not only provide our customers with greater flexibility, but also increase the volume of business we are able to undertake.

“Working with Paragon for many years, we continue to be impressed over their commitment to understanding our business, our requirements, and supporting our growth as we expand the range of our services.”

He continued: “We look forward to continue working with Paragon in the years ahead.” 

Commenting on Paragon’s funding support for A R Banks, Steven O’Reilly: “A thriving haulage sector is essential to the UK economy, with countless businesses depending on them to ensure the smooth running of their operations – and it is vital that haulage firms can expand to meet the demand and requirements of their clients.

“Building longstanding relationships with fantastic businesses is at the core of what we do, and through working closely with A R Banks over recent years, I have been delighted to see the business grow and the benefit that Paragon funding has brought to them and the wider UK economy.” 

For further information contact:

Tom Frew
Media Relations Manger
Paragon
E: [email protected]
www.paragonbank.co.uk 

Notes to editors:

Paragon Bank PLC a subsidiary of the Paragon Banking Group PLC which is a FTSE 250 company based in Solihull in the West Midlands. Established in 1985, Paragon Banking Group PLC has over £13 billion of assets under management and manages over 450,000 customer accounts.

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.