Leading automotive distributor, supplier and manufacturer Brands Hatch Performance (BHP) has expanded the range of facilities and products available to customers after securing an invoice and asset financing facility from Paragon Bank.

Based close to Kent’s world-famous racing circuit, the family-run business can now provide customers with both bespoke, in-house manufacturing and credit line facilities.

Recognising the changes to the requirements of customers and the reduced reliability of supply chains brought about by the pandemic, BHP worked with Paragon’s SME Lending division to secure five-figure financing for a fourth axis CNC Machining centre.

BHP’s new manufacturing capability has enabled them to manufacture parts to order for the growing car restoration market, improve delivery times for customers, and effectively manage and maintain stock levels.

Seeking to enhance the methods by which customers can purchase parts and services, BHP also worked with Paragon’s Invoice Finance team to establish a credit line facility for customers and provide them with greater choice over payments.

Commenting on the supported provided by Paragon, Morgan Gaskin, BHP’s Managing Director, said: “We are passionate about providing our customers with the highest standard of service and products and thanks to the introduction of our manufacturing and credit line facilities we are now pleased to offer an enhanced range of services.

“The pandemic provided us with the opportunity to revaluate our operations and develop new ways of supporting our customers. As people increasingly chose to work at home on their vehicles, we needed to supply them with a growing number of replacement parts while supply chains were quickly decreasing in capacity fast. It provided us with the impetus to start manufacturing in-house so that we could better serve our growing customer base."

She continued: “Paragon shares our vision for Brands Hatch Performance and the growth potential created by the evolving market and customer needs. They took the time to understand our ambitions and delivered invoice and asset financing solutions that will provide customers with an enhanced service and greater choice.”

Commenting on the credit line facility provided to BHP, Adrian Taylor, Paragon’s Head of Invoice Finance, said: “I’m delighted that Paragon has helped Brands Hatch Performance to increase payment options for their customers. Through providing credit line facilities, customers now greater choice over how to acquire parts and services they need – and as SME specialists, it is fantastic to see a thriving business grow from strength to strength.”

Commenting on the asset financing provided by Paragon Wayne Hall, Paragon’s manufacturing finance lead, said: “Providing SMEs with access to financing that will help them adapt and grow is at the core of what Paragon is proud to do. It has been fantastic to learn of Brands Hatch Performance’s innovative approach and work with them to boost their operations and improved an enhanced service to clients. I greatly look forward to following their success.”

For further information contact:

Tom Frew
Media Relations Manager
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 £14 billion of assets under management, helping more than 340,000 customers to achieve their ambitions.

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.