Paragon's subsidiary completes £117m deal

Paragon Bank, a subsidiary of the Paragon Group of Companies, has completed the acquisition of Five Arrows Leasing Group for £117m.

In a statement released on Monday, the FTSE 250 group said the acquisition, which was originally announced early last month, is expected to be enhancing to earnings and return in the next financial year.

The Five Arrows Leasing culture, philosophy and operating model is an excellent fit with the Group and we look forward to working with their management team and to supporting growth opportunities across the SME markets,” the company said in October.

Paragon shares were up 0.17% to 421.60p at 1609 GMT on Tuesday.