Cheltenham lawyers Harrison Clark Rickerbys have acted for Solihull finance company Paragon Group in its acquisition of Premier Asset Finance Ltd for £8.5m.
Premier, based in Edinburgh, has been acquired by the banks asset finance division, Paragon Bank Asset Finance the deal will be funded from cash resources. Premier is a key lender, especially to SMEs, and operates across the UK it was voted as Broker of the Year in Leasing World's 2015 awards.
Richard Wilkey, head of Harrison Clark Rickerbys Cheltenham office, said: Paragon are a good client of ours and we have acted for them on a number of transactions, including when they acquired Five Arrows Leasing Group last October, and we are glad to be able to support them in their growth and diversification.
Commenting on the acquisition, Nigel Terrington, chief executive of Paragon said: I am delighted to welcome the Premier team to the group's banking division. 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.
Harrison Clark Rickerbys has 400 staff and partners based at offices in Cheltenham, the Wye Valley, Hereford, Worcester, Birmingham and the Thames Valley, who provide a complete spectrum of legal services to both business and private clients, regionally and nationwide. The firm also has a number of highly successful teams specialising in individual market sectors, including health and social care, education, agricultural and rural affairs, defence, security and the forces, advanced manufacturing and construction.