UK challenger bank and FTSE-250 company Paragon has announced the acquisition of Iceberg, a specialist finance broker for mid-sized UK law firms.

The acquisition is part of Paragon’s strategy to grow its commercial lending to small and medium sized businesses across the UK and boost its lending to professional services firms.

A long-established specialist lender in the UK mortgage and consumer finance markets, Paragon diversified into commercial lending after obtaining a banking licence in 2014.

Iceberg sources loans for mid-sized UK law firms to support the specific business costs of running a law practice, such as insurance and professional certification costs. It also provides loans to family law clients, financing legal costs for divorce and probate cases.

Iceberg, based in Poole in Dorset, will continue to be led by Nick Sanders and Mike Stevenson and will retain the distinctive Iceberg brand.

Nick Sanders, Managing Director at Iceberg said:

The acquisition by one of the UK’s most highly-regarded challenger banks provides us with a strong and stable platform for future growth, enabling us to reach out to a much wider customer base than before.

Richard Doe, Managing Director of Commercial Lending at Paragon said:

We are excited to welcome Nick, Mike and the team to Paragon. Iceberg’s specialist focus on mid-sized law firms aligns well with our ambitious plans to grow our commercial lending by bringing new competition and choice to customers in a carefully selected range of target markets.

25 January 2018