Paragon buys Premier Asset Finance

FTSE 250 lender Paragon Group of Companies has acquired asset finance brokerage Premier Asset Finance through Paragon Bank' asset finance division, Paragon Bank Asset Finance Limited, for an initial consideration of £8.5m in cash.

Paragon said a further £12m is payable over the following five years, subject to performance conditions, with the consideration being paid its existing cash resources.

Headquartered in Edinburgh, Premier sources more than £100m of lending per annum to a range of SME customers.

Chief executive Nigel Terrington 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."

Regulatory approval has been received for the transaction.