THE PARAGON GROUP OF COMPANIES PLC
8 October 2013
Acquisition of portfolio
The Paragon Group of Companies PLC ("Paragon") is pleased to announce the acquisition of a portfolio of non-performing personal unsecured and secured loans from HSBC Bank plc. The purchase consideration of £13.5 million is being financed from Paragon's cash reserves and represents the value at which the acquired assets will be taken on to the Group's balance sheet. The acquisition is expected to be earnings enhancing in the current financial year.
Commenting on today's acquisition, Nigel Terrington, Chief Executive of Paragon, said:
"This latest transaction by Idem Capital marks a successful start to the new financial year for the division. Building on the Group's long-standing loan servicing expertise, Idem Capital has now firmly established itself as a leading player in the growing debt purchase market. The financial strength of the Group, combined with our scalable and efficient conduct-focused servicing platform, creates a competitive advantage in this attractive sector. Idem is well-positioned to pursue further investments in the mainstream of the UK debt purchase market."
Paragon will be announcing its full-year results for the 12 months to 30 September 2013 on Tuesday 26 November 2013.
For further information, please contact:
Richard Woodman, Managing Director, Idem Capital, 0121 712 2607
Nick Keen, Finance Director, 0121 712 2060
Deborah Bateman, External Relations Director, 0121 712 2025
Paul Farrow, Fishburn Hedges, 0207 544 3040/3042
