Paragon acquires more RBS loans

The Paragon Group of Companies has acquired further unsecured consumer loans from The Royal Bank of Scotland PLC.

The purchase was made through its Idem Capital Securities subsidiary, under the terms of a forward flow agreement.

The cost is £0.1 million, which is being financed from Paragon’s cash reserves and represents the value at which the acquired loans will be taken on to the Group’s balance sheet.

Paragon says the investment is expected to be earnings enhancing in the current financial year. It anticipates that there will be opportunities to make “further modest acquisitions”” under the agreement and these will be announced as they occur.