Paragon Bank’s SME Lending division has facilitated a £2.75m funding solution to support Shilling Group’s acquisition of Telford-based specialist logistics company Simmonds Transport.     

The trading arm of Birmingham-based Shilling Group secured an invoice finance facility from Paragon, enabling the company to raise finance against Simmonds Transport’s debtor book from existing contracts, which it utilised to support the purchase and post-completion working capital.   

Shilling Group is a specialist in delivering fully completed acquisitions for its clients and joint venture partners. It also owns and operates its own trading arm, which includes businesses from a diverse range of market sectors.

Simmonds Transport Ltd is a logistics and warehouse storage business, founded over 45 years ago and located in Telford. The company manages over 250,000 square feet of high-quality warehousing and operates a large commercial vehicle fleet.           

This deal was led on behalf of Paragon by Steve Holmes, Senior Sales Manager for Invoice Finance, and is one of the latest of many successful deals completed between Paragon Bank and Shilling Group over the past 10 years.   

The Invoice Finance team forms part of the wider SME Lending division at Paragon, which is led by Managing Director, John Phillipou.   

Steve Holmes, Senior Sales Manager for Invoice Finance commented: “I am delighted to complete another transaction with Shilling Group. As a specialist invoice finance lender, we understand what is required to support a business acquisition and, through a close relationship with Shillling, we helped finalise the purchase of Simmonds Transport in the timelines required. The debtor book is a great way to help in a sale and purchase of a business, and one that is sometimes overlooked.”           

Matt Bass, Head of Specialist Lending at Paragon Bank, said: “Led by Steve, this is a great example of the Paragon Invoice Finance team all working collaboratively to complete this invoice finance facility, within the timescales required for this significant acquisition.”    

Bart Walkerdine, Group Operations Manager for Shilling Group added: “It is always good to work with Steve and the Paragon Team as they genuinely understand the acquisition process, as well as the post-completion cashflow needs of an acquired business. Having an institution such as Paragon backing our Simmonds Transport venture has given us the ability and confidence to begin executing a £3 million program to increase the efficiency and reduce the emissions of the Simmonds fleet as part of our overall growth strategy for the business.”
 

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 £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.