Paragon Bank's Structured Lending division has provided £30 million funding across three separate deals, marking a significant month for the team.

The £30 million of finance was provided to three companies, including one new-to-bank client specialising in debt purchasing and two existing clients operating in the specialist finance market.

The new-to-bank client, Perch Group, secured £10 million of funding to facilitate the next stage of its growth plans as a full-service credit management leader.

Paragon’s Structured Lending division provides lending to other finance providers and specialist funders.

The division continues to be a growth area of the business, with Paragon’s recently published results showing that Structured Lending increased its loan book by 22.2% to £212.8 million in the half-year to 31 March 2024, taking its overall loan book to over £325 million.

The Structured Lending division forms part of Paragon Commercial Lending and is led by joint Managing Directors, Lewis Fitzsimons and Jamie Pickering.

Mark Pickup, CFO of Perch Group commented: “We are delighted to welcome Paragon into our syndicate's senior revolving credit facility (RCF). The team at Paragon has been a pleasure to work with, bringing a pragmatic and experienced approach that ensured all parties achieved their objectives.

“Perch looks forward to a prosperous future working collaboratively over the coming years.”

Lewis Fitzsimons, Joint Managing Director of Paragon Bank Structured Lending commented: “It’s been a busy few months for the Structured Lending division working on various deals and we’re delighted this has resulted in a significant month of lending.

“It's been a time of growth for the Structured Lending team as our recently released half-year results show. We’ve got a great pipeline of deals for the second half of the year, where we hope to be able to build on this success.”

Jamie Pickering, Joint Managing Director of Paragon Bank Structured Lending commented: “It’s been a pleasure to work with two of our existing clients and Perch, our new-to-bank client.

“We are delighted this has resulted in £30 million worth of lending and are looking forward to seeing what the second half of the year brings for the Structured Lending division.”
 

For further information contact:

Hannah Kolarski-Daniels
Media Relations Manager
[email protected]
Paragon Bank
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 £15 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.